MARKET STRUCTURES

A market with very few sellers and plenty buyers is called ________

• monopoly

• duopoly

• oligopoly

• monopsony

1. What is the mean of 2, 5, 4, 1, and 3?

• 2
• 3
• 4
• 5

19. Why are wants insatiable?

• they are endless
• only services can satisfy them
• they are different from needs
• resources are unlimited

Does patent laws encourage monopoly?

• yes
• no

4. What is the mode of 3, 5, 2, 1, 9, 8, 25, 2, 6, 66, 90, 7, and 4?

• 90
• 1
• 2
• 25

Choose all advantages of a monopoly?

• it has zero competition

• It has low barriers to entry

• It makes excessive profits

• It carries out large scale production

7. Which of the following is endless in nature?

• resources

• goods

• economic ideas

• wants

9. What does sigma stand for?

• standard
• supply
• summation
• score

8. What kind of chart is this?

• horizontal bar chart
• vertical bar chart
• infographics
• component bar chart

11. Which of the following will not increase the demand for education in Nigeria?

• favourable government policies
• increase in tuition
• increase in Abuja residents
• increase in the number of schools nationwide