Post Utme Ui 2023 Commerce Question 36
Practice objective / multiple choice question 36 from the 2023 Post Utme Ui Commerce examination.
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will also increase. However, this increase in quantity supplied is not due to an increase in the production of the commodity, but rather due to an increase in the number of producers willing to supply the commodity. What is the term for this phenomenon?
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About This Question
This is Post Utme Ui 2023 Commerce Question 36. It is one of the objective questions from the 2023 Post Utme Ui Commerce examination.
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