Post Utme Redeemers University 2019 Economics Question 1

Practice objective / multiple choice question 1 from the 2019 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2019 Economics Objective / Multiple Choice
Question 1 POST_UTME_REDEEMERS_UNIVERSITY • 2019 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the relationship between the market supply curve and the individual firm's supply curve?

Answer Options

A. The market supply curve is steeper than the individual firm's supply curve.
B. The market supply curve is flatter than the individual firm's supply curve.
Correct Answer C. The market supply curve is identical to the individual firm's supply curve.
D. The market supply curve is vertical while the individual firm's supply curve is horizontal.
Correct Answer
C
Correct Option:
The market supply curve is identical to the individual firm's supply curve.

About This Question

This is Post Utme Redeemers University 2019 Economics Question 1. It is one of the objective questions from the 2019 Post Utme Redeemers University Economics examination.

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