Post Utme Babcock University 2025 Commerce Question 1
Practice objective / multiple choice question 1 from the 2025 Post Utme Babcock University Commerce examination.
In a perfectly competitive market, the law of supply and demand dictates that the equilibrium price and quantity of a good are determined by the intersection of the market supply and demand curves. However, this equilibrium is not always stable. What is the name of the phenomenon that occurs when a small change in the market causes a large and disproportionate change in the equilibrium price and quantity?
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This is Post Utme Babcock University 2025 Commerce Question 1. It is one of the objective questions from the 2025 Post Utme Babcock University Commerce examination.
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