Post Utme Oau 2018 Commerce Question 16

Practice objective / multiple choice question 16 from the 2018 Post Utme Oau Commerce examination.

Post Utme Oau 2018 Commerce Objective / Multiple Choice

Question 16 POST_UTME_OAU • 2018 • COMMERCE • objective

In a perfectly competitive market, the supply curve is a straight line with a positive slope. What is the implication of this on the equilibrium price and quantity?

Correct Answer A. The equilibrium price and quantity will be at the intersection of the supply and demand curves.

B. The equilibrium price will be higher than the equilibrium quantity.

C. The equilibrium price and quantity will be at the midpoint of the supply and demand curves.

D. The equilibrium price will be lower than the equilibrium quantity.

Correct Answer

Correct Option:

The equilibrium price and quantity will be at the intersection of the supply and demand curves.

This is Post Utme Oau 2018 Commerce Question 16. It is one of the objective questions from the 2018 Post Utme Oau Commerce examination.

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