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WAEC Economics 2026 Question 36

Question 36

Market Structures

One feature of imperfect competition is that the

  1. A.commodities sold are homogeneous
  2. B.goal of the firm is welfare maximization
  3. C.demand curve is perfectly elastic
  4. D.price is higher than the marginal revenue
Show the answer and explanation

Answer: D (price is higher than the marginal revenue)

Explanation

An imperfect competitor faces a falling demand curve, so MR is below price.