Neco 2025 Economics Question 6

Practice essay / theory question 6 from the 2025 Neco Economics examination. This question covers Market Structures .

Neco 2025 Economics Essay / Theory

Topic: Market Structures

Question 6 NECO • 2025 • ECONOMICS • essay

The market for a particular agricultural product is described as monopolistically competitive. The market demand is given by P = 500 - 2Q, where P is the price in naira per unit and Q is the total quantity demanded (in thousands of units). The firm's total cost function is TC = 100,000 + 100Q + Q² (costs are in naira).

( a )

State three characteristic features of a monopolistically competitive market.

( b )

Derive the firm's marginal revenue (MR) function.

( c )

Determine the profit‑maximising output and the corresponding price. Then compute the firm's profit (or loss) at that output.

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This is Neco 2025 Economics Question 6. It is one of the essay questions from the 2025 Neco Economics examination.

The question covers Market Structures .

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