Post Utme Bsu 2021 Economics Question 21

Practice objective / multiple choice question 21 from the 2021 Post Utme Bsu Economics examination.

Post Utme Bsu 2021 Economics Objective / Multiple Choice
Question 21 POST_UTME_BSU • 2021 • ECONOMICS • objective

Consider a perfectly competitive market with a downward-sloping demand curve and an upward-sloping supply curve. If the market price is initially at P1 and the quantity demanded is Q1, and then the demand curve shifts to the left, what will happen to the market equilibrium price and quantity?

Answer Options

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

About This Question

This is Post Utme Bsu 2021 Economics Question 21. It is one of the objective questions from the 2021 Post Utme Bsu Economics examination.

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