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JAMB Economics 2008 Question 18

Question 18

Market Structures

Individual markets differ from each other according to

  1. A.the degree of competition
  2. B.the volume of trade
  3. C.the number of buyers
  4. D.its composition
Show the answer and explanation

Answer: A (the degree of competition)

Explanation

Markets are classified (perfect competition, monopoly, oligopoly…) by how much competition there is among sellers.