Post Utme Abu 2017 Economics Question 16
Practice objective / multiple choice question 16 from the 2017 Post Utme Abu Economics examination.
The government of Nigeria has introduced a new policy to increase agricultural production. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision to increase the price of fertilizers by 20%. Assuming that the demand for fertilizers is elastic, what is the likely effect of the price increase on the quantity of fertilizers demanded?
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About This Question
This is Post Utme Abu 2017 Economics Question 16. It is one of the objective questions from the 2017 Post Utme Abu Economics examination.
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