Post Utme Al Hikmah University 2021 Economics Question 6

Practice objective / multiple choice question 6 from the 2021 Post Utme Al Hikmah University Economics examination.

Post Utme Al Hikmah University 2021 Economics Objective / Multiple Choice
Question 6 POST_UTME_AL-HIKMAH_UNIVERSITY • 2021 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the equilibrium price and quantity of the product?

Answer Options

A. \( P = MC \)
B. \( P = MR \)
Correct Answer C. \( P = MC = MR \)
D. \( P > MC \)
Correct Answer
C
Correct Option:
\( P = MC = MR \)

About This Question

This is Post Utme Al Hikmah University 2021 Economics Question 6. It is one of the objective questions from the 2021 Post Utme Al Hikmah University Economics examination.

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