Post Utme Lead City University 2017 Economics Question 8

Practice objective / multiple choice question 8 from the 2017 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2017 Economics Objective / Multiple Choice
Question 8 POST_UTME_LEAD_CITY_UNIVERSITY • 2017 • ECONOMICS • objective

A perfectly competitive market is characterized by a large number of firms producing a homogeneous product. Which of the following is a characteristic of a perfectly competitive market?

Answer Options

A. A \single firm produces the entire output of the market
Correct Answer B. A large number of firms produce a homogeneous product
C. A small number of firms produce a differentiated product
D. A \single firm sets the price of the product
Correct Answer
B
Correct Option:
A large number of firms produce a homogeneous product

About This Question

This is Post Utme Lead City University 2017 Economics Question 8. It is one of the objective questions from the 2017 Post Utme Lead City University Economics examination.

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