Post Utme Madonna University 2021 Commerce Question 16

Practice objective / multiple choice question 16 from the 2021 Post Utme Madonna University Commerce examination.

Post Utme Madonna University 2021 Commerce Objective / Multiple Choice
Question 16 POST_UTME_MADONNA_UNIVERSITY • 2021 • COMMERCE • objective

In a perfectly competitive market, the law of diminishing marginal utility implies that the demand curve for a firm's product is likely to be

Answer Options

A. inelastic
Correct Answer B. elastic
C. unit elastic
D. perfectly inelastic
Correct Answer
B
Correct Option:
elastic

About This Question

This is Post Utme Madonna University 2021 Commerce Question 16. It is one of the objective questions from the 2021 Post Utme Madonna University Commerce examination.

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