{"id":2533,"date":"2018-04-16T09:20:15","date_gmt":"2018-04-16T09:20:15","guid":{"rendered":"http:\/\/www.helpingstudents.com.ng\/?p=2533"},"modified":"2020-03-03T05:35:44","modified_gmt":"2020-03-03T05:35:44","slug":"questions-on-market-structure-economics","status":"publish","type":"post","link":"https:\/\/hstutorial.com\/sv\/questions-on-market-structure-economics\/","title":{"rendered":"10 Questions on Market Structure (Economics)"},"content":{"rendered":"<p>The questions below on market Structure were curated from UNILAG&#8217;S Past Exam as it has been observed that questions are frequently asked on this topic almost every academic session. <a href=\"https:\/\/hstutorial.com\/sv\/category\/economics\/\">Click on this link to read on more topics in Economics.<\/a><\/p>\n<blockquote><p>Prenumerera p\u00e5 v\u00e5r YouTube-kanal f\u00f6r att inte missa n\u00e5gon instruktionsvideo.<\/p>\n<p><script src=\"https:\/\/apis.google.com\/js\/platform.js\"><\/script><\/p>\n<div class=\"g-ytsubscribe\" data-channelid=\"UCsHPKTWR8pDErG0onuksKSA\" data-layout=\"full\" data-count=\"default\"><span style=\"font-size: 16px;\">\u00a0<\/span> <span style=\"background-color: #ffffff; font-size: 16px;\">\u00a0<\/span><\/div>\n<\/blockquote>\n<h2><span style=\"letter-spacing: -0.02em;\">Questions on <\/span>Market Structure<\/h2>\n<p><strong>1.<\/strong> The conditions for profit maximization by a firm is that:<br \/>\n(a) MC = AR and MC cuts MR from below<br \/>\n(b) MC = MR and MC cuts MR from above<br \/>\n(c) MC = MR and MC cuts MR from below<br \/>\n(d) MC = AC and AR cuts MC from below<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2.<\/strong> Which of the following is not a characteristic of perfect competition?<br \/>\n(a) A large number of buyers and sellers<br \/>\n(b) The existence of only zero profit in the short run<br \/>\n(c) Uniform price<br \/>\n(d) The absence of transparent cost<br \/>\n(e) Free entry and free exit<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3.<\/strong> Who is the originator of the theory of monopolistic competition?<br \/>\n(a) R.A. Musgrave<br \/>\n(b) J.M. Keynes<br \/>\n(c) Joan Robinson<br \/>\n(d) Adam Smith<br \/>\n(e) E.H. Chamberlain<\/p>\n<p>&nbsp;<\/p>\n<p><strong>4.<\/strong> Product differentiation is a typical feature of:<br \/>\n(a) Perfect competition<br \/>\n(b) Oligopoly<br \/>\n(c) Monopoly<br \/>\n(d) Pure competition<br \/>\n(e) Monopolistic competition<\/p>\n<p>&nbsp;<\/p>\n<p><strong>5.<\/strong> When the monopolist equates MC to MR then, the firm would be:<br \/>\n(a) Maximizing output<br \/>\n(b) Minimizing costs<br \/>\n(c) Maximizing profit<br \/>\n(d) Maximizing sales<br \/>\n(e) Maximizing economies of scale<\/p>\n<p>&nbsp;<\/p>\n<p><strong>6.<\/strong> A monopoly is said to misallocate resources<br \/>\n(a) because without competition there is no pressure on the firm to be efficient<br \/>\n(b) because under certain circumstances different consumers are charged different prices for the same product or services<br \/>\n(c) because the market price under monopoly is greater than the marginal cost of additional output<br \/>\n(d) because it faces a downward-sloping demand curve<\/p>\n<p>&nbsp;<\/p>\n<p><strong>7.<\/strong> Which of the following is a unique characteristic of oligopoly?<br \/>\n(a) production of a standardized product<br \/>\n(b) the use of advertising and product development<br \/>\n(c) mutual interdependence among firms in the industry<br \/>\n(d) none of the above<br \/>\n(e) the existence of barriers to entry including patents and copyrights<\/p>\n<p>&nbsp;<\/p>\n<p><strong>8.<\/strong> In a perfectly competitive market, the firm is in the long-run equilibrium when<br \/>\n(a) There is excess profit<br \/>\n(b) MR = ATC = MC = P<br \/>\n(c) Price is stable<br \/>\n(d) The price is greater than the average cost<br \/>\n(e) None of the above<\/p>\n<p>&nbsp;<\/p>\n<p><strong>9.<\/strong> A profit-maximizing monopolist<br \/>\n(a) follows the same rules for profit maximization as the perfectly competitive firm<br \/>\n(b) follows different rules for profit maximization than does the perfectly competitive firm<br \/>\n(c) will set price equal to marginal cost in order to determine the maximizing output<br \/>\n(d) will set marginal cost equal to average revenue in order to determine the maximizing output<\/p>\n<p>&nbsp;<\/p>\n<p><strong>10.<\/strong> A profit-maximizing firm will always produce<br \/>\n(a) where marginal cost is less than marginal revenue<br \/>\n(b) where marginal revenue is equal to marginal cost<br \/>\n(c) at a point of minimum average cost<br \/>\n(d) where marginal cost is greater than marginal revenue<br \/>\n(e) None of the above<\/p>\n<h3>Market Structure Essay Questions<\/h3>\n<p>1. Define Perfect Completion, Monopoly, Monopolistic Completion and Oligopoly.<br \/>\n2. Show with graphs on how firms maximize profit under Perfect Competition and Monopoly.<\/p>\n<h4>Answers<\/h4>\n<p>1 -C<br \/>\n2 -B<br \/>\n3 -E<br \/>\n4 -E<br \/>\n5 -C<br \/>\n6 -A<br \/>\n7 -C<br \/>\n8 -B<br \/>\n9 -A<br \/>\n10 -B<\/p>","protected":false},"excerpt":{"rendered":"<p>The questions below on market Structure were curated from UNILAG&#8217;S Past Exam as it has been observed that questions are frequently asked on this topic almost every academic session. Click &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/hstutorial.com\/sv\/questions-on-market-structure-economics\/\"> <span class=\"screen-reader-text\">10 Questions on Market Structure (Economics)<\/span> L\u00e4s mer &raquo;<\/a><\/p>","protected":false},"author":2,"featured_media":4534,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[55],"tags":[78,170],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v21.5) - 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