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Economics

Economics · Quick practice · answer shown after each question

Market structures

Question 1 of 10

Question 1 of 10

A monopsony is a market with

Question 2 of 10

Question 2 of 10

A perfectly competitive firm is a

Question 3 of 10

Question 3 of 10

A monopolist can control either the price or the

Question 4 of 10

Question 4 of 10

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

Question 5 of 10

Question 5 of 10

Monopolistic competition is characterised by

Question 6 of 10

Question 6 of 10

A cartel such as OPEC is an example of

Question 7 of 10

Question 7 of 10

Charging different prices to different buyers for the same product is

Question 8 of 10

Question 8 of 10

A cartel is

Question 9 of 10

Question 9 of 10

A monopolist maximises profit where

Question 10 of 10

Question 10 of 10

A monopolist practises price discrimination successfully only if

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