Post Utme Igbinedion University 2021 Economics Question 28

Practice objective / multiple choice question 28 from the 2021 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2021 Economics Objective / Multiple Choice
Question 28 POST_UTME_IGBINEDION_UNIVERSITY • 2021 • ECONOMICS • objective
Post Utme Igbinedion University 2021 Economics Question 28 diagram

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.
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.
Correct Answer D. The market equilibrium price will decrease, and the quantity demanded will decrease.
Correct Answer
D
Correct Option:
The market equilibrium price will decrease, and the quantity demanded will decrease.

About This Question

This is Post Utme Igbinedion University 2021 Economics Question 28. It is one of the objective questions from the 2021 Post Utme Igbinedion University Economics examination.

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