Post Utme Lasu 2021 Commerce Question 31

Practice objective / multiple choice question 31 from the 2021 Post Utme Lasu Commerce examination.

Post Utme Lasu 2021 Commerce Objective / Multiple Choice
Question 31 POST_UTME_LASU • 2021 • COMMERCE • objective

In a perfectly competitive market, the law of supply states that the quantity supplied of a good is determined by the interaction of the following factors: price, opportunity cost, and the law of diminishing marginal utility. Which of the following is NOT a characteristic of the law of supply?

Answer Options

A. The law of supply is a downward-sloping curve.
Correct Answer B. The law of supply is a horizontal line.
C. The law of supply is a vertical line.
D. The law of supply is a rightward shift of the supply curve.
Correct Answer
B
Correct Option:
The law of supply is a horizontal line.

About This Question

This is Post Utme Lasu 2021 Commerce Question 31. It is one of the objective questions from the 2021 Post Utme Lasu Commerce examination.

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