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JAMB Economics 2003 Question 19

Question 19

Market Structures

Imperfect market is characterised by

  1. A.perfect mobility of factors of production
  2. B.many buyers and few sellers
  3. C.a large number of buyers and sellers
  4. D.non-preferential treatment
Show the answer and explanation

Answer: B (many buyers and few sellers)

Explanation

When there are only a few sellers, each can influence price, so the market is imperfect. The other options describe a perfect market.