Post Utme Bowen University 2021 Economics Question 1

Practice objective / multiple choice question 1 from the 2021 Post Utme Bowen University Economics examination.

Post Utme Bowen University 2021 Economics Objective / Multiple Choice
Question 1 POST_UTME_BOWEN_UNIVERSITY • 2021 • ECONOMICS • objective

In a perfectly competitive market, if the demand for a commodity is inelastic, what will be the effect on the price and quantity supplied?

Answer Options

A. Price will decrease, quantity supplied will increase
Correct Answer B. Price will increase, quantity supplied will decrease
C. Price will remain cons\tant, quantity supplied will increase
D. Price will decrease, quantity supplied will decrease
Correct Answer
B
Correct Option:
Price will increase, quantity supplied will decrease

About This Question

This is Post Utme Bowen University 2021 Economics Question 1. It is one of the objective questions from the 2021 Post Utme Bowen University Economics examination.

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