Post Utme Aaua 2022 Economics Question 18

Practice objective / multiple choice question 18 from the 2022 Post Utme Aaua Economics examination.

Post Utme Aaua 2022 Economics Objective / Multiple Choice
Question 18 POST_UTME_AAUA • 2022 • ECONOMICS • objective

Market structures are closely related to the concept of competition. Which of the following is a correct statement regarding market structures?

Answer Options

A. Perfect competition is characterized by a \single firm producing the entire output.
B. Monopoly is characterized by a large number of firms producing a homogeneous product.
C. Monopolistic competition is characterized by a \single firm producing a differentiated product.
Correct Answer D. Oligopoly is characterized by a large number of firms producing a homogeneous product.
Correct Answer
D
Correct Option:
Oligopoly is characterized by a large number of firms producing a homogeneous product.

About This Question

This is Post Utme Aaua 2022 Economics Question 18. It is one of the objective questions from the 2022 Post Utme Aaua Economics examination.

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