Post Utme Bowen University 2023 Commerce Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Bowen University Commerce examination.

Post Utme Bowen University 2023 Commerce Objective / Multiple Choice
Question 1 POST_UTME_BOWEN_UNIVERSITY • 2023 • COMMERCE • objective

In a perfectly competitive market, the supply curve is perfectly elastic, and the demand curve is downward sloping. If the price of a commodity increases by 10%, what will be the effect on the quantity supplied?

Answer Options

A. The quantity supplied will decrease by 10%
Correct Answer B. The quantity supplied will increase by 10%
C. The quantity supplied will remain unchanged
D. The quantity supplied will increase by 20%
Correct Answer
B
Correct Option:
The quantity supplied will increase by 10%

About This Question

This is Post Utme Bowen University 2023 Commerce Question 1. It is one of the objective questions from the 2023 Post Utme Bowen University Commerce examination.

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