Post Utme Bells University 2020 Economics Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Bells University Economics examination.

Post Utme Bells University 2020 Economics Objective / Multiple Choice
Question 1 POST_UTME_BELLS_UNIVERSITY • 2020 • ECONOMICS • objective

In a perfectly competitive market, the equilibrium price and quantity are determined by the intersection of the supply and demand curves. If the demand curve shifts to the left, what will happen to the equilibrium price and quantity?

Answer Options

A. The equilibrium price will decrease, and the equilibrium quantity will increase.
Correct Answer B. The equilibrium price will increase, and the equilibrium quantity will decrease.
C. The equilibrium price will remain the same, and the equilibrium quantity will remain the same.
D. The equilibrium price will decrease, and the equilibrium quantity will decrease.
Correct Answer
B
Correct Option:
The equilibrium price will increase, and the equilibrium quantity will decrease.

About This Question

This is Post Utme Bells University 2020 Economics Question 1. It is one of the objective questions from the 2020 Post Utme Bells University Economics examination.

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