Post Utme Futo 2017 Economics Question 11

Practice objective / multiple choice question 11 from the 2017 Post Utme Futo Economics examination.

Post Utme Futo 2017 Economics Objective / Multiple Choice
Question 11 POST_UTME_FUTO • 2017 • ECONOMICS • objective

A perfectly competitive market has the following characteristics: (i) A large number of firms producing a homogeneous product, (ii) Free entry and exit, (iii) Perfect knowledge of market conditions, and (iv) No \single firm can influence the market price. Which of the following is NOT a characteristic of a perfectly competitive market?

Answer Options

A. Firms have complete control over the market price
B. Firms produce a homogeneous product
C. Firms have access to perfect knowledge of market conditions
Correct Answer D. Firms can influence the market price
Correct Answer
D
Correct Option:
Firms can influence the market price

About This Question

This is Post Utme Futo 2017 Economics Question 11. It is one of the objective questions from the 2017 Post Utme Futo Economics examination.

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