Post Utme Noun 2018 Commerce Question 31

Practice objective / multiple choice question 31 from the 2018 Post Utme Noun Commerce examination.

Post Utme Noun 2018 Commerce Objective / Multiple Choice

Question 31 POST_UTME_NOUN • 2018 • COMMERCE • objective

In a perfectly competitive market, the supply curve is perfectly elastic. What is the implication of this for the firm's profit-maximizing output?

A. The firm will produce at the minimum point of the average cost curve.

Correct Answer B. The firm will produce at the point where the marginal revenue curve intersects the marginal cost curve.

C. The firm will produce at the maximum point of the average revenue curve.

D. The firm will produce at the minimum point of the average revenue curve.

Correct Answer

Correct Option:

The firm will produce at the point where the marginal revenue curve intersects the marginal cost curve.

This is Post Utme Noun 2018 Commerce Question 31. It is one of the objective questions from the 2018 Post Utme Noun Commerce examination.

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