Post Utme Caleb University 2018 Economics Question 21

Practice objective / multiple choice question 21 from the 2018 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2018 Economics Objective / Multiple Choice
Question 21 POST_UTME_CALEB_UNIVERSITY • 2018 • ECONOMICS • objective

Suppose a monopolist faces a downward-sloping demand curve and an upward-sloping supply curve. If the monopolist increases the price of the product, what will happen to the quantity demanded and the quantity supplied?

Answer Options

A. Quantity demanded increases, quantity supplied increases
Correct Answer B. Quantity demanded decreases, quantity supplied decreases
C. Quantity demanded decreases, quantity supplied increases
D. Quantity demanded increases, quantity supplied decreases
Correct Answer
B
Correct Option:
Quantity demanded decreases, quantity supplied decreases

About This Question

This is Post Utme Caleb University 2018 Economics Question 21. It is one of the objective questions from the 2018 Post Utme Caleb University Economics examination.

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