Post Utme Joseph Ayo Babalola University 2020 Commerce Question 21

Practice objective / multiple choice question 21 from the 2020 Post Utme Joseph Ayo Babalola University Commerce examination.

Post Utme Joseph Ayo Babalola University 2020 Commerce Objective / Multiple Choice
Question 21 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2020 • COMMERCE • objective

In a perfectly competitive market, the supply curve is upward-sloping and the demand curve is downward-sloping. What is the effect of an increase in the price of a complementary good on the demand for a product?

Answer Options

A. The demand for the product increases.
Correct Answer B. The demand for the product decreases.
C. The demand for the product remains unchanged.
D. The demand for the product becomes perfectly inelastic.
Correct Answer
B
Correct Option:
The demand for the product decreases.

About This Question

This is Post Utme Joseph Ayo Babalola University 2020 Commerce Question 21. It is one of the objective questions from the 2020 Post Utme Joseph Ayo Babalola University Commerce examination.

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