Post Utme Unilag 2020 Economics Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Unilag Economics examination.

Post Utme Unilag 2020 Economics Objective / Multiple Choice
Question 1 POST_UTME_UNILAG • 2020 • ECONOMICS • objective

Consider a perfectly competitive market with many firms producing a homogeneous product. If the market price falls, what will happen to the quantity supplied?

Answer Options

A. The quantity supplied will decrease
Correct Answer B. The quantity supplied will increase
C. The quantity supplied will remain unchanged
D. The quantity supplied will fluctuate
Correct Answer
B
Correct Option:
The quantity supplied will increase

About This Question

This is Post Utme Unilag 2020 Economics Question 1. It is one of the objective questions from the 2020 Post Utme Unilag Economics examination.

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