Post Utme Lead City University 2024 Commerce Question 16

Practice objective / multiple choice question 16 from the 2024 Post Utme Lead City University Commerce examination.

Post Utme Lead City University 2024 Commerce Objective / Multiple Choice
Question 16 POST_UTME_LEAD_CITY_UNIVERSITY • 2024 • COMMERCE • objective

In a perfectly competitive market, the supply curve is typically represented by the marginal cost curve. What is the main reason for this?

Answer Options

A. The firm's production costs are constant and do not change with output.
Correct Answer B. The firm's production costs are variable and increase with output.
C. The firm's production costs are fixed and do not change with output.
D. The firm's production costs are a combination of fixed and variable costs.
Correct Answer
B
Correct Option:
The firm's production costs are variable and increase with output.

About This Question

This is Post Utme Lead City University 2024 Commerce Question 16. It is one of the objective questions from the 2024 Post Utme Lead City University Commerce examination.

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