Post Utme Elizade University 2021 Economics Question 1

Practice objective / multiple choice question 1 from the 2021 Post Utme Elizade University Economics examination.

Post Utme Elizade University 2021 Economics Objective / Multiple Choice
Question 1 POST_UTME_ELIZADE_UNIVERSITY • 2021 • ECONOMICS • objective

In a perfectly competitive market, the supply curve is upward-sloping because of the law of increa\sing \costs. What is the primary reason for this upward-sloping supply curve?

Answer Options

A. The law of diminishing marginal returns
Correct Answer B. The law of increa\sing \costs
C. The law of supply
D. The law of demand
Correct Answer
B
Correct Option:
The law of increa\sing \costs

About This Question

This is Post Utme Elizade University 2021 Economics Question 1. It is one of the objective questions from the 2021 Post Utme Elizade University Economics examination.

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