JAMB Economics 2021 Objective — Question 11

Question 11 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2021 Objective paper, with the correct answer and a full explanation.

11. OPEL is a/an a. Monopoly b. Monopolistic c. Oligopolistic d. Duopolistic

A. Monopoly
B. Monopolistic
C. OligopolisticCorrect
D. Duopolistic

Explanation

OPEC (referred to here as OPEL) is a cartel of oil-producing countries. Most cartels operate within an oligopolistic market structure.

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