Post Utme Lasu 2024 Economics Question 21

Practice objective / multiple choice question 21 from the 2024 Post Utme Lasu Economics examination.

Post Utme Lasu 2024 Economics Objective / Multiple Choice
Question 21 POST_UTME_LASU • 2024 • ECONOMICS • objective

In a perfectly competitive market, the equilibrium price and quantity are determined by the intersection of the market demand and supply curves. However, in a monopoly market, the equilibrium price and quantity are determined by the intersection of the demand curve and the marginal revenue curve. Which of the following statements is correct?

Answer Options

A. The equilibrium price and quantity in a perfectly competitive market are higher than in a monopoly market.
Correct Answer B. The equilibrium price and quantity in a monopoly market are higher than in a perfectly competitive market.
C. The equilibrium price and quantity in a perfectly competitive market are lower than in a monopoly market.
D. The equilibrium price and quantity in a monopoly market are lower than in a perfectly competitive market.
Correct Answer
B
Correct Option:
The equilibrium price and quantity in a monopoly market are higher than in a perfectly competitive market.

About This Question

This is Post Utme Lasu 2024 Economics Question 21. It is one of the objective questions from the 2024 Post Utme Lasu Economics examination.

View More Post Utme Lasu 2024 Economics Questions More Post Utme Lasu Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support