Post Utme Lautech 2023 Commerce Question 36

Practice objective / multiple choice question 36 from the 2023 Post Utme Lautech Commerce examination.

Post Utme Lautech 2023 Commerce Objective / Multiple Choice
Question 36 POST_UTME_LAUTECH • 2023 • COMMERCE • objective

In a perfectly competitive market, the supply curve is horizontal and the demand curve is downward-sloping. If the price of a good increases, what will happen to the quantity supplied and the quantity demanded?

Answer Options

A. Quantity supplied increases and quantity demanded decreases
Correct Answer B. Quantity supplied decreases and quantity demanded increases
C. Quantity supplied and quantity demanded both increase
D. Quantity supplied and quantity demanded both decrease
Correct Answer
B
Correct Option:
Quantity supplied decreases and quantity demanded increases

About This Question

This is Post Utme Lautech 2023 Commerce Question 36. It is one of the objective questions from the 2023 Post Utme Lautech Commerce examination.

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