Post Utme Ksu 2017 Commerce Question 6

Practice objective / multiple choice question 6 from the 2017 Post Utme Ksu Commerce examination.

Post Utme Ksu 2017 Commerce Objective / Multiple Choice
Question 6 POST_UTME_KSU • 2017 • COMMERCE • objective

In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing opportunity costs. However, this law is not applicable in the case of a firm that produces a homogeneous product. Explain why.

Answer Options

Correct Answer A. Because the firm is a price-taker and has no control over the market price.
B. Because the firm is a price-maker and can influence the market price.
C. Because the firm is a monopolist and has a downward-sloping demand curve.
D. Because the firm is a monopsonist and has a downward-sloping supply curve.
Correct Answer
A
Correct Option:
Because the firm is a price-taker and has no control over the market price.

About This Question

This is Post Utme Ksu 2017 Commerce Question 6. It is one of the objective questions from the 2017 Post Utme Ksu Commerce examination.

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