Post Utme Noun 2020 Commerce Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Noun Commerce examination.

Post Utme Noun 2020 Commerce Objective / Multiple Choice
Question 1 POST_UTME_NOUN • 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 commodity on the quantity supplied?

Answer Options

A. The quantity supplied increases
Correct Answer B. The quantity supplied decreases
C. The quantity supplied remains unchanged
D. The quantity supplied increases and then decreases
Correct Answer
B
Correct Option:
The quantity supplied decreases

About This Question

This is Post Utme Noun 2020 Commerce Question 1. It is one of the objective questions from the 2020 Post Utme Noun Commerce examination.

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