Post Utme Abu 2024 Economics Question 6

Practice objective / multiple choice question 6 from the 2024 Post Utme Abu Economics examination.

Post Utme Abu 2024 Economics Objective / Multiple Choice
Question 6 POST_UTME_ABU • 2024 • ECONOMICS • objective
Post Utme Abu 2024 Economics Question 6 diagram

Consider a perfectly competitive market with a downward-sloping demand curve and an upward-sloping supply curve. If the market price is initially at P1 and the quantity demanded is Q1, and then a shift in the demand curve causes the new market price to be P2, which of the following statements is true?

Answer Options

A. The quantity demanded increases from Q1 to Q2
B. The quantity supplied increases from Q1 to Q2
Correct Answer C. The quantity demanded decreases from Q1 to Q2
D. The quantity supplied decreases from Q1 to Q2
Correct Answer
C
Correct Option:
The quantity demanded decreases from Q1 to Q2

About This Question

This is Post Utme Abu 2024 Economics Question 6. It is one of the objective questions from the 2024 Post Utme Abu Economics examination.

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