Post Utme Pan Atlantic University 2020 Economics Question 16

Practice objective / multiple choice question 16 from the 2020 Post Utme Pan Atlantic University Economics examination.

Post Utme Pan Atlantic University 2020 Economics Objective / Multiple Choice
Question 16 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2020 • ECONOMICS • objective

A perfectly competitive market is characterized by a large number of firms producing a homogeneous product, and each firm has complete knowledge of market conditions. Which of the following is a consequence of this market structure?

Answer Options

A. Firms are price-makers
Correct Answer B. Firms are price-takers
C. Firms produce differentiated products
D. Firms have complete control over the market
Correct Answer
B
Correct Option:
Firms are price-takers

About This Question

This is Post Utme Pan Atlantic University 2020 Economics Question 16. It is one of the objective questions from the 2020 Post Utme Pan Atlantic University Economics examination.

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