Post Utme Lasu 2022 Commerce Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Lasu Commerce examination.

Post Utme Lasu 2022 Commerce Objective / Multiple Choice
Question 1 POST_UTME_LASU • 2022 • COMMERCE • objective

In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing marginal opportunity costs. However, this is not the case in a market with a single firm. What is the name of this phenomenon?

Answer Options

A. Economies of scale
B. Increasing marginal opportunity costs
C. Diminishing marginal returns
Correct Answer D. Monopoly power
Correct Answer
D
Correct Option:
Monopoly power

About This Question

This is Post Utme Lasu 2022 Commerce Question 1. It is one of the objective questions from the 2022 Post Utme Lasu Commerce examination.

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