Post Utme Futo 2022 Economics Question 19

Practice objective / multiple choice question 19 from the 2022 Post Utme Futo Economics examination.

Post Utme Futo 2022 Economics Objective / Multiple Choice
Question 19 POST_UTME_FUTO • 2022 • ECONOMICS • objective

The government of Nigeria is considering a policy to increase the price of a commodity by 10%. If the demand curve is given by Q = 100 - 2P and the supply curve is given by Q = 2P - 50, what will be the effect on the equilibrium price and quantity?

Answer Options

Correct Answer A. Increase in price and decrease in quantity
B. Decrease in price and increase in quantity
C. Increase in price and increase in quantity
D. Decrease in price and decrease in quantity
Correct Answer
A
Correct Option:
Increase in price and decrease in quantity

About This Question

This is Post Utme Futo 2022 Economics Question 19. It is one of the objective questions from the 2022 Post Utme Futo Economics examination.

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