Post Utme Uniben 2021 Commerce Question 23

Practice objective / multiple choice question 23 from the 2021 Post Utme Uniben Commerce examination.

Post Utme Uniben 2021 Commerce Objective / Multiple Choice
Question 23 POST_UTME_UNIBEN • 2021 • COMMERCE • objective

A consumer is considering purchasing a product that has a price of ₦1,000. The consumer's budget constraint is such that they can only spend up to ₦2,000. Explain why the consumer may choose to purchase the product at the price of ₦1,000.

Answer Options

A. The consumer's income is high, allowing them to afford the product at the price of ₦1,000.
Correct Answer B. The consumer's budget constraint is such that they can only spend up to ₦2,000, making the product affordable.
C. The consumer's utility function is such that they derive a high level of satisfaction from purchasing the product at the price of ₦1,000.
D. The consumer's opportunity cost of purchasing the product is low, making it a good value for money.
Correct Answer
B
Correct Option:
The consumer's budget constraint is such that they can only spend up to ₦2,000, making the product affordable.

About This Question

This is Post Utme Uniben 2021 Commerce Question 23. It is one of the objective questions from the 2021 Post Utme Uniben Commerce examination.

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