Post Utme Osustech 2018 Economics Question 26

Practice objective / multiple choice question 26 from the 2018 Post Utme Osustech Economics examination.

Post Utme Osustech 2018 Economics Objective / Multiple Choice
Question 26 POST_UTME_OSUSTECH • 2018 • ECONOMICS • objective

At the point of equilibrium, the law of supply and demand dictates that the quantity supplied equals the quantity demanded. However, if the demand for a product increases, and the supply remains cons\tant, what will be the effect on the equilibrium price?

Answer Options

A. The equilibrium price will decrease.
Correct Answer B. The equilibrium price will increase.
C. The equilibrium price will remain unchanged.
D. The equilibrium price will fluctuate.
Correct Answer
B
Correct Option:
The equilibrium price will increase.

About This Question

This is Post Utme Osustech 2018 Economics Question 26. It is one of the objective questions from the 2018 Post Utme Osustech Economics examination.

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