Post Utme Delsu 2023 Commerce Question 36

Practice objective / multiple choice question 36 from the 2023 Post Utme Delsu Commerce examination.

Post Utme Delsu 2023 Commerce Objective / Multiple Choice
Question 36 POST_UTME_DELSU • 2023 • COMMERCE • objective

In a perfectly competitive market, the supply curve is downward-sloping because of the law of increasing marginal opportunity cost. What is the relationship between the marginal opportunity cost and the price elasticity of demand?

Answer Options

Correct Answer A. Marginal opportunity cost is inversely related to price elasticity of demand.
B. Marginal opportunity cost is directly related to price elasticity of demand.
C. Price elasticity of demand is inversely related to marginal opportunity cost.
D. Price elasticity of demand is directly related to marginal opportunity cost.
Correct Answer
A
Correct Option:
Marginal opportunity cost is inversely related to price elasticity of demand.

About This Question

This is Post Utme Delsu 2023 Commerce Question 36. It is one of the objective questions from the 2023 Post Utme Delsu Commerce examination.

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