Post Utme Bowen University 2024 Economics Question 32

Practice objective / multiple choice question 32 from the 2024 Post Utme Bowen University Economics examination.

Post Utme Bowen University 2024 Economics Objective / Multiple Choice
Question 32 POST_UTME_BOWEN_UNIVERSITY • 2024 • ECONOMICS • objective

Suppose a firm is operating in a perfectly competitive market with a given supply curve. If the demand for the firm's product increases, what will happen to the firm's equilibrium price and quantity?

Answer Options

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

About This Question

This is Post Utme Bowen University 2024 Economics Question 32. It is one of the objective questions from the 2024 Post Utme Bowen University Economics examination.

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