Post Utme Igbinedion University 2023 Economics Question 34

Practice objective / multiple choice question 34 from the 2023 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2023 Economics Objective / Multiple Choice
Question 34 POST_UTME_IGBINEDION_UNIVERSITY • 2023 • ECONOMICS • objective

A firm is operating in a perfectly competitive market. If the firm experiences a decrease in demand, what is the likely effect on the firm's price?

Answer Options

A. The price will increase
Correct Answer B. The price will decrease
C. The price will remain unchanged
D. The effect on the price is ambiguous
Correct Answer
B
Correct Option:
The price will decrease

About This Question

This is Post Utme Igbinedion University 2023 Economics Question 34. It is one of the objective questions from the 2023 Post Utme Igbinedion University Economics examination.

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