Market structures: JAMB Economics Past Questions and Answers

What the JAMB syllabus covers in Market structures

Our summary: Equilibrium under perfect competition and imperfect markets, and when a firm breaks even or shuts down.

• Perfectly competitive market ((i) assumptions and characteristics; (ii) short-run and long-run equilibrium of a perfect competitor.)
• Imperfect market ((i) pure monopoly, discriminatory monopoly and monopolistic competition; (ii) short-run and long-run equilibrium positions.)
• Break-even/shut-down analysis in the various markets

Objectives

• analyse the assumptions and characteristics of a perfectly competitive market;
• differentiate between short-run and long-run equilibrium of a perfectly competitive firm;
• analyse the assumptions and characteristics of imperfect markets;
• differentiate between the short-run and long-run equilibria of imperfectly competitive firms;
• establish the conditions for the break-even/shut down of firms.

Syllabus content © The Joint Admissions and Matriculation Board (UTME).