Question 16

which of the following reasons explains the upward sloping of supply curve in a competitive market?

  • A.Ceteris paribus, marginal cost increase as output increases
  • B.As new firms enter the market, factor price moves up
  • C.Firms are in business to satisfy consumers
  • D.Marginal cost often increases in a competitive market
  • E.Firms are in business to produce goods
Objective

Question details

Exam body
WAEC
Subject
Economics
Year
1989
Question no.
#16
Type
Objective

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