Post Utme Igbinedion University 2021 Economics Question 25

Practice objective / multiple choice question 25 from the 2021 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2021 Economics Objective / Multiple Choice
Question 25 POST_UTME_IGBINEDION_UNIVERSITY • 2021 • ECONOMICS • objective

The concept of perfect competition is a market structure in which many firms produce a homogeneous product. Which of the following is a characteristic of perfect competition?

Answer Options

Correct Answer A. Many firms produce a homogeneous product
B. Firms have complete control over the market
C. Firms can set prices and output levels
D. All of the above
Correct Answer
A
Correct Option:
Many firms produce a homogeneous product

About This Question

This is Post Utme Igbinedion University 2021 Economics Question 25. It is one of the objective questions from the 2021 Post Utme Igbinedion University Economics examination.

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