JAMB Economics 2019 Objective — Question 14
Question 14 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2019 Objective paper, with the correct answer and a full explanation.
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Which of the following is true of an imperfect market?
- A. Products are homogenous
- B. There is only one buyer
- C. Government sets all prices
- D. Goods and services are heterogeneous (differentiated)Correct
Explanation
In an imperfect market, goods and services are heterogeneous — they can be differentiated — unlike in a perfectly competitive market, where products are homogeneous (similar).
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