Post Utme Ims U 2024 Economics Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Ims U Economics examination.

Post Utme Ims U 2024 Economics Objective / Multiple Choice
Question 1 POST_UTME_IMS_U • 2024 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward-sloping and the firms are price-takers, what is the equilibrium price and quantity in this market?

Answer Options

A. \( P = MC \)
B. \( P = MR \)
Correct Answer C. \( P = MC = MR \)
D. \( P > MC \)
Correct Answer
C
Correct Option:
\( P = MC = MR \)

About This Question

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

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