Post Utme Bsu 2025 Economics Question 16

Practice objective / multiple choice question 16 from the 2025 Post Utme Bsu Economics examination.

Post Utme Bsu 2025 Economics Objective / Multiple Choice
Question 16 POST_UTME_BSU • 2025 • ECONOMICS • objective

A perfectly competitive market is characterized by a large number of firms producing a homogeneous product. If the market demand curve is downward sloping, what is the likely effect on the equilibrium price and quantity of the product?

Answer Options

A. An increase in price and a decrease in quantity
Correct Answer B. A decrease in price and an increase in quantity
C. No change in price and quantity
D. A decrease in price and a decrease in quantity
Correct Answer
B
Correct Option:
A decrease in price and an increase in quantity

About This Question

This is Post Utme Bsu 2025 Economics Question 16. It is one of the objective questions from the 2025 Post Utme Bsu Economics examination.

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