Post Utme Elizade University 2017 Geography Question 31
Practice objective / multiple choice question 31 from the 2017 Post Utme Elizade University Geography examination.
In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing costs, which states that as the quantity supplied increases, the cost of production also increases. However, this law is not applicable in the case of a perfectly competitive market with a fixed supply of resources. What is the name of this phenomenon?
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About This Question
This is Post Utme Elizade University 2017 Geography Question 31. It is one of the objective questions from the 2017 Post Utme Elizade University Geography examination.
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