Post Utme Uniosun 2020 Economics Question 30

Practice objective / multiple choice question 30 from the 2020 Post Utme Uniosun Economics examination.

Post Utme Uniosun 2020 Economics Objective / Multiple Choice
Question 30 POST_UTME_UNIOSUN • 2020 • ECONOMICS • objective

A perfectly competitive market is characterized by a large number of firms producing a homogeneous product. If the market demand curve is downward sloping, what is the likely effect on the price of the product?

Answer Options

A. Increase in price
Correct Answer B. Decrease in price
C. No change in price
D. Increase in quantity demanded
Correct Answer
B
Correct Option:
Decrease in price

About This Question

This is Post Utme Uniosun 2020 Economics Question 30. It is one of the objective questions from the 2020 Post Utme Uniosun Economics examination.

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