Post Utme Lasu 2023 Commerce Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Lasu Commerce examination.

Post Utme Lasu 2023 Commerce Objective / Multiple Choice
Question 1 POST_UTME_LASU • 2023 • COMMERCE • objective

In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing marginal opportunity costs. What is the primary reason for this upward-sloping supply curve?

Answer Options

A. The law of diminishing marginal returns
Correct Answer B. The law of increasing marginal opportunity costs
C. The law of supply and demand
D. The law of diminishing marginal utility
Correct Answer
B
Correct Option:
The law of increasing marginal opportunity costs

About This Question

This is Post Utme Lasu 2023 Commerce Question 1. It is one of the objective questions from the 2023 Post Utme Lasu Commerce examination.

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