Post Utme Al Hikmah University 2019 Commerce Question 16
Practice objective / multiple choice question 16 from the 2019 Post Utme Al Hikmah University Commerce examination.
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will also increase. However, this increase in quantity supplied is not necessarily due to an increase in the production of the commodity, but rather due to an increase in the number of producers willing to supply the commodity at the higher price. What is the term for this increase in the number of producers willing to supply the commodity at the higher price?
Answer Options
About This Question
This is Post Utme Al Hikmah University 2019 Commerce Question 16. It is one of the objective questions from the 2019 Post Utme Al Hikmah University Commerce examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.