Post Utme Greenfield University 2024 Economics Question 6

Practice objective / multiple choice question 6 from the 2024 Post Utme Greenfield University Economics examination.

Post Utme Greenfield University 2024 Economics Objective / Multiple Choice
Question 6 POST_UTME_GREENFIELD_UNIVERSITY • 2024 • ECONOMICS • objective

A perfectly competitive market has multiple firms producing a homogeneous product. If the market price is $10 and the marginal \cost of production is $8, what is the profit-maximizing quantity of output for each firm?

Answer Options

Correct Answer A. \( Q = \frac{P - MC}{MR} \)
B. \( Q = \frac{MC}{P} \)
C. \( Q = \frac{P}{MC} \)
D. \( Q = \frac{MR}{P} \)
Correct Answer
A
Correct Option:
\( Q = \frac{P - MC}{MR} \)

About This Question

This is Post Utme Greenfield University 2024 Economics Question 6. It is one of the objective questions from the 2024 Post Utme Greenfield University Economics examination.

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