Post Utme Noun 2021 Commerce Question 11
Practice objective / multiple choice question 11 from the 2021 Post Utme Noun Commerce examination.
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied of that commodity will also increase. However, this increase in quantity supplied is not due to an increase in the quantity of resources used, but rather due to an increase in the efficiency with which the existing resources are used. What is the term for this increase in efficiency?
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About This Question
This is Post Utme Noun 2021 Commerce Question 11. It is one of the objective questions from the 2021 Post Utme Noun Commerce examination.
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