Post Utme Futo 2020 Commerce Question 31
Practice objective / multiple choice question 31 from the 2020 Post Utme Futo Commerce examination.
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will increase. However, this increase in quantity supplied is subject to a limit imposed by the law of diminishing marginal utility. Explain how the law of diminishing marginal utility affects the supply curve in a perfectly competitive market.
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About This Question
This is Post Utme Futo 2020 Commerce Question 31. It is one of the objective questions from the 2020 Post Utme Futo Commerce examination.
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