Post Utme Igbinedion University 2024 Economics Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2024 Economics Objective / Multiple Choice
Question 1 POST_UTME_IGBINEDION_UNIVERSITY • 2024 • ECONOMICS • objective

A perfectly competitive market has the following characteristics: (i) price maker, (ii) price taker, (iii) homogeneous product, (iv) free entry and exit. Which of the following statements is NOT true about a perfectly competitive market?

Answer Options

Correct Answer A. A firm in a perfectly competitive market can influence the market price.
B. A firm in a perfectly competitive market can produce any quantity of the product.
C. A firm in a perfectly competitive market can enter or exit the market freely.
D. A firm in a perfectly competitive market is a price taker.
Correct Answer
A
Correct Option:
A firm in a perfectly competitive market can influence the market price.

About This Question

This is Post Utme Igbinedion University 2024 Economics Question 1. It is one of the objective questions from the 2024 Post Utme Igbinedion University Economics examination.

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