Post Utme Ksu 2024 Economics Question 1

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

Post Utme Ksu 2024 Economics Objective / Multiple Choice
Question 1 POST_UTME_KSU • 2024 • ECONOMICS • objective

Consider a perfectly competitive market with 5 firms, each producing a homogeneous good. If the market demand curve is downward sloping and the firms are price takers, what is the relationship between the market supply curve and the individual firm's supply curve?

Answer Options

A. The market supply curve is steeper than the individual firm's supply curve.
B. The market supply curve is flatter than the individual firm's supply curve.
Correct Answer C. The market supply curve is identical to the individual firm's supply curve.
D. The market supply curve is vertical, while the individual firm's supply curve is downward sloping.
Correct Answer
C
Correct Option:
The market supply curve is identical to the individual firm's supply curve.

About This Question

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

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