Post Utme Coal City University 2017 Economics Question 36

Practice objective / multiple choice question 36 from the 2017 Post Utme Coal City University Economics examination.

Post Utme Coal City University 2017 Economics Objective / Multiple Choice
Question 36 POST_UTME_COAL_CITY_UNIVERSITY • 2017 • ECONOMICS • objective

A perfectly competitive market is characterized by the presence of many firms producing a homogeneous product. Which of the following is a consequence of this market structure?

Answer Options

A. Firms have complete control over the market price.
B. Firms produce a differentiated product.
Correct Answer C. Firms are price takers and produce a homogeneous product.
D. Firms have a monopoly over the market.
Correct Answer
C
Correct Option:
Firms are price takers and produce a homogeneous product.

About This Question

This is Post Utme Coal City University 2017 Economics Question 36. It is one of the objective questions from the 2017 Post Utme Coal City University Economics examination.

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