Post Utme Caleb University 2019 Commerce Question 1

Practice objective / multiple choice question 1 from the 2019 Post Utme Caleb University Commerce examination.

Post Utme Caleb University 2019 Commerce Objective / Multiple Choice
Question 1 POST_UTME_CALEB_UNIVERSITY • 2019 • COMMERCE • objective
Post Utme Caleb University 2019 Commerce Question 1 diagram

The following diagram shows a demand curve and a supply curve for a product.

Answer Options

A. The equilibrium price is where the demand curve intersects the supply curve.
Correct Answer B. The equilibrium quantity is where the demand curve intersects the supply curve.
C. The demand curve is downward sloping because consumers are willing to pay more for the product.
D. The supply curve is upward sloping because producers are willing to supply more of the product at a higher price.
Correct Answer
B
Correct Option:
The equilibrium quantity is where the demand curve intersects the supply curve.

About This Question

This is Post Utme Caleb University 2019 Commerce Question 1. It is one of the objective questions from the 2019 Post Utme Caleb University Commerce examination.

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