Post Utme Lead City University 2024 Economics Question 11

Practice objective / multiple choice question 11 from the 2024 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2024 Economics Objective / Multiple Choice
Question 11 POST_UTME_LEAD_CITY_UNIVERSITY • 2024 • ECONOMICS • objective

In a perfectly competitive market, if the demand for a commodity increases, what will happen to the equilibrium price and quantity?

Answer Options

A. Equilibrium price will decrease and quantity will increase
Correct Answer B. Equilibrium price will increase and quantity will decrease
C. Equilibrium price will remain the same and quantity will increase
D. Equilibrium price will decrease and quantity will decrease
Correct Answer
B
Correct Option:
Equilibrium price will increase and quantity will decrease

About This Question

This is Post Utme Lead City University 2024 Economics Question 11. It is one of the objective questions from the 2024 Post Utme Lead City University Economics examination.

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