Post Utme Uniport 2019 Economics Question 24

Practice objective / multiple choice question 24 from the 2019 Post Utme Uniport Economics examination.

Post Utme Uniport 2019 Economics Objective / Multiple Choice
Question 24 POST_UTME_UNIPORT • 2019 • ECONOMICS • objective

A monopolistically competitive market structure is characterized by the presence of many firms producing differentiated products, with each firm having some degree of 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.
B. Firms are price-takers, meaning they have no control over the market price.
Correct Answer C. Firms are able to produce differentiated products.
D. Firms are able to collude with each other to set prices.
Correct Answer
C
Correct Option:
Firms are able to produce differentiated products.

About This Question

This is Post Utme Uniport 2019 Economics Question 24. It is one of the objective questions from the 2019 Post Utme Uniport Economics examination.

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