Post Utme Uniport 2019 Economics Question 21

Practice objective / multiple choice question 21 from the 2019 Post Utme Uniport Economics examination.

Post Utme Uniport 2019 Economics Objective / Multiple Choice
Question 21 POST_UTME_UNIPORT • 2019 • ECONOMICS • objective

A perfectly competitive market structure is characterized by the presence of many firms producing a homogeneous product, with each firm having no control over the market price. Which of the following is a consequence of this market structure?

Answer Options

A. Firms are able to set their own prices.
Correct Answer B. Firms are price-takers, meaning they have no control over the market price.
C. Firms are able to collude with each other to set prices.
D. Firms are able to produce differentiated products.
Correct Answer
B
Correct Option:
Firms are price-takers, meaning they have no control over the market price.

About This Question

This is Post Utme Uniport 2019 Economics Question 21. It is one of the objective questions from the 2019 Post Utme Uniport Economics examination.

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