Post Utme Osustech 2018 Economics Question 16

Practice objective / multiple choice question 16 from the 2018 Post Utme Osustech Economics examination.

Post Utme Osustech 2018 Economics Objective / Multiple Choice
Question 16 POST_UTME_OSUSTECH • 2018 • 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 increase, and equilibrium quantity will decrease
Correct Answer B. Equilibrium price will decrease, and equilibrium quantity will increase
C. Equilibrium price will remain the same, and equilibrium quantity will increase
D. Equilibrium price will increase, and equilibrium quantity will increase
Correct Answer
B
Correct Option:
Equilibrium price will decrease, and equilibrium quantity will increase

About This Question

This is Post Utme Osustech 2018 Economics Question 16. It is one of the objective questions from the 2018 Post Utme Osustech Economics examination.

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