Post Utme Covenant University 2023 Economics Question 3

Practice objective / multiple choice question 3 from the 2023 Post Utme Covenant University Economics examination.

Post Utme Covenant University 2023 Economics Objective / Multiple Choice

Question 3 POST_UTME_COVENANT_UNIVERSITY • 2023 • ECONOMICS • objective

A firm is producing at a point on its production possibilities frontier (PPF). If the firm experiences an increase in the price of one of its inputs, what will happen to its production?

Answer Options

A. Production will increase

Correct Answer B. Production will decrease

C. Production will remain unchanged

D. Production will increase in the short run but decrease in the long run

Correct Answer

Correct Option:

Production will decrease

About This Question

This is Post Utme Covenant University 2023 Economics Question 3. It is one of the objective questions from the 2023 Post Utme Covenant University Economics examination.

View More Post Utme Covenant University 2023 Economics Questions More Post Utme Covenant University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support