Post Utme Achievers University 2022 Economics Question 3

Practice objective / multiple choice question 3 from the 2022 Post Utme Achievers University Economics examination.

Post Utme Achievers University 2022 Economics Objective / Multiple Choice
Question 3 POST_UTME_ACHIEVERS_UNIVERSITY • 2022 • ECONOMICS • objective

A firm's demand for labor is given by the equation L = 100 - 2P_L, where L is the quantity of labor demanded and P_L is the wage rate. If the wage rate increases from ₦50 to ₦60, what is the change in the quantity of labor demanded?

Answer Options

A. The quantity of labor demanded increases by 10 units.
Correct Answer B. The quantity of labor demanded decreases by 10 units.
C. The quantity of labor demanded remains cons\tant.
D. The quantity of labor demanded increases by 20 units.
Correct Answer
B
Correct Option:
The quantity of labor demanded decreases by 10 units.

About This Question

This is Post Utme Achievers University 2022 Economics Question 3. It is one of the objective questions from the 2022 Post Utme Achievers University Economics examination.

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