Post Utme Al Hikmah University 2019 Commerce Question 3

Practice objective / multiple choice question 3 from the 2019 Post Utme Al Hikmah University Commerce examination.

Post Utme Al Hikmah University 2019 Commerce Objective / Multiple Choice
Question 3 POST_UTME_AL-HIKMAH_UNIVERSITY • 2019 • COMMERCE • objective
Post Utme Al Hikmah University 2019 Commerce Question 3 diagram

The following diagram illustrates the concept of supply and demand in a perfectly competitive market:

Answer Options

Correct Answer A. The equilibrium price and quantity are determined by the intersection of the supply and demand curves
B. The supply curve is downward sloping, while the demand curve is upward sloping
C. The market is characterized by a surplus, where the quantity supplied exceeds the quantity demanded
D. The market is characterized by a shortage, where the quantity demanded exceeds the quantity supplied
Correct Answer
A
Correct Option:
The equilibrium price and quantity are determined by the intersection of the supply and demand curves

About This Question

This is Post Utme Al Hikmah University 2019 Commerce Question 3. It is one of the objective questions from the 2019 Post Utme Al Hikmah University Commerce examination.

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