Post Utme Summit University 2017 Economics Question 1

Practice objective / multiple choice question 1 from the 2017 Post Utme Summit University Economics examination.

Post Utme Summit University 2017 Economics Objective / Multiple Choice
Question 1 POST_UTME_SUMMIT_UNIVERSITY • 2017 • ECONOMICS • objective

A perfectly competitive market structure is characterized by the presence of many 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 have complete control over the market.
D. Firms produce differentiated products.
Correct Answer
B
Correct Option:
Firms are price takers.

About This Question

This is Post Utme Summit University 2017 Economics Question 1. It is one of the objective questions from the 2017 Post Utme Summit University Economics examination.

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