An example of a vertical combination is the merger of_________

a spinning firm and a wearing firm

two very large wholesale textile distributors

three secretarial employment agencies in one town

The determination of wages in a labour market depends on the_______

Interaction between demand and supply of labour

Most of the National debts is "dead weight" in the sense that is____

bound to increase from year to year

accumulated as the result of past capital investment

the responsibility of the treasury

A supply curve slopes upwards from the left to the right indicating__________

a backward sloping supply curve

The oil boom between 1970 - 1980 caused the oil sector to become____________

management of spillage and pollution

protection to the local operators in the petroleum industry

decrease in the rate of inflation

One of these is not a problem of agriculture___________

lack of preservation and storage facilities

JAMB UTME - Economics - 2019 | Green Bridge CBT

Question 1 Report

In the short-run, the monopoly makes_______

Normal profit

Abnormal Profit

Loss

Sales

Answer Details

In the short-run, a monopoly can make abnormal profit. Abnormal profit is a profit that is higher than the normal profit a company would make in a competitive market. This is because a monopoly has market power, meaning it has control over the price of its product and can set it higher than the market price, leading to higher profits. However, it's important to note that this situation is only temporary and in the long-run, competition and other factors can drive down prices and eliminate the abnormal profit.

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Price Determination (JAMB)






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