JAMB Economics 2023 Objective — Question 7

Question 7 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2023 Objective paper, with the correct answer and a full explanation.

This graph depicts

A. (A) Perfect competition market
B. (B) oligopolistic market
C. (C) imperfect competition marketCorrect
D. (D) duopolistic market

Explanation

The graph shows AR ≠ MR (the AR/demand curve is separate from and above the MC/MR intersection), which is characteristic of an imperfect competition market.

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