Post Utme Achievers University 2017 Commerce Question 11

Practice objective / multiple choice question 11 from the 2017 Post Utme Achievers University Commerce examination.

Post Utme Achievers University 2017 Commerce Objective / Multiple Choice
Question 11 POST_UTME_ACHIEVERS_UNIVERSITY • 2017 • COMMERCE • objective

In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing costs. What is the primary reason for this upward-sloping supply curve?

Answer Options

A. The law of increasing costs is due to the fixed costs of production.
B. The law of increasing costs is due to the variable costs of production.
Correct Answer C. The law of increasing costs is due to the increasing marginal cost of production.
D. The law of increasing costs is due to the decreasing marginal revenue of production.
Correct Answer
C
Correct Option:
The law of increasing costs is due to the increasing marginal cost of production.

About This Question

This is Post Utme Achievers University 2017 Commerce Question 11. It is one of the objective questions from the 2017 Post Utme Achievers University Commerce examination.

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