Post Utme Rhema University 2019 Economics Question 17

Practice objective / multiple choice question 17 from the 2019 Post Utme Rhema University Economics examination.

Post Utme Rhema University 2019 Economics Objective / Multiple Choice

Question 17 POST_UTME_RHEMA_UNIVERSITY • 2019 • ECONOMICS • objective

A perfectly competitive market has a large number of firms producing a homogeneous product. What is the implication of this on the market's price?

Answer Options

A. The market price is determined by the marginal \cost of the firms.

B. The market price is determined by the marginal revenue of the firms.

Correct Answer C. The market price is determined by the intersection of the demand and supply curves.

D. The market price is determined by the average \cost of the firms.

Correct Answer

Correct Option:

The market price is determined by the intersection of the demand and supply curves.

About This Question

This is Post Utme Rhema University 2019 Economics Question 17. It is one of the objective questions from the 2019 Post Utme Rhema University Economics examination.

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