Post Utme Osustech 2019 Commerce Question 31

Practice objective / multiple choice question 31 from the 2019 Post Utme Osustech Commerce examination.

Post Utme Osustech 2019 Commerce Objective / Multiple Choice
Question 31 POST_UTME_OSUSTECH • 2019 • COMMERCE • objective

In a perfectly competitive market, the supply curve is upward-sloping because firms are willing to supply more of a good as its price increases, but they are also willing to supply less of the good as its price decreases. This is an example of the law of

Answer Options

A. Diminishing Marginal Utility
B. Diminishing Marginal Returns
C. Law of Increasing Opportunity Cost
Correct Answer D. Law of Supply
Correct Answer
D
Correct Option:
Law of Supply

About This Question

This is Post Utme Osustech 2019 Commerce Question 31. It is one of the objective questions from the 2019 Post Utme Osustech Commerce examination.

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