Post Utme Esut 2022 Commerce Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Esut Commerce examination.

Post Utme Esut 2022 Commerce Objective / Multiple Choice

Question 1 POST_UTME_ESUT • 2022 • COMMERCE • objective

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

Correct Answer A. Increasing marginal costs due to the law of diminishing returns

B. Decreasing marginal costs due to the law of increasing returns

C. Fixed costs that do not change with output

D. Variable costs that do not change with output

Correct Answer

Correct Option:

Increasing marginal costs due to the law of diminishing returns

This is Post Utme Esut 2022 Commerce Question 1. It is one of the objective questions from the 2022 Post Utme Esut Commerce examination.

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