Post Utme Ui 2024 Commerce Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Ui Commerce examination.

Post Utme Ui 2024 Commerce Objective / Multiple Choice
Question 1 POST_UTME_UI • 2024 • COMMERCE • objective

In a market with perfect competition, what is the relationship between the price elasticity of demand and the firm's ability to influence the market price?

Answer Options

A. The firm's ability to influence the market price increases as the price elasticity of demand decreases.
Correct Answer B. The firm's ability to influence the market price decreases as the price elasticity of demand increases.
C. The firm's ability to influence the market price is unaffected by the price elasticity of demand.
D. The firm's ability to influence the market price increases as the price elasticity of demand increases.
Correct Answer
B
Correct Option:
The firm's ability to influence the market price decreases as the price elasticity of demand increases.

About This Question

This is Post Utme Ui 2024 Commerce Question 1. It is one of the objective questions from the 2024 Post Utme Ui Commerce examination.

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