Post Utme Unn 2024 Economics Question 26

Practice objective / multiple choice question 26 from the 2024 Post Utme Unn Economics examination.

Post Utme Unn 2024 Economics Objective / Multiple Choice
Question 26 POST_UTME_UNN • 2024 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the equilibrium price and quantity of the product?

Answer Options

A. \( P = MC \)
B. \( P = MR \)
Correct Answer C. \( P = MC = MR \)
D. \( P > MC \)
Correct Answer
C
Correct Option:
\( P = MC = MR \)

About This Question

This is Post Utme Unn 2024 Economics Question 26. It is one of the objective questions from the 2024 Post Utme Unn Economics examination.

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