Skip to content
OtisamLMS
Sign in Sign up
Economics

Economics · Quick practice · answer shown after each question

Market structures

Question 1 of 10

Question 1 of 10

A market dominated by a few large firms is

Question 2 of 10

Question 2 of 10

A natural monopoly arises when

Question 3 of 10

Question 3 of 10

In the long run, a firm in monopolistic competition earns

Question 4 of 10

Question 4 of 10

A market with only one seller of a product with no close substitutes is

Question 5 of 10

Question 5 of 10

A monopolist maximises profit where

Question 6 of 10

Question 6 of 10

A monopolist faces demand P = 100 − 2Q. Total revenue at Q = 20 is

Question 7 of 10

Question 7 of 10

A kinked demand curve is associated with

Question 8 of 10

Question 8 of 10

In perfect competition, the firm's demand curve is

Question 9 of 10

Question 9 of 10

A cartel is

Question 10 of 10

Question 10 of 10

Product differentiation is a feature of

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.