Post Utme Redeemers University 2017 Economics Question 32

Practice objective / multiple choice question 32 from the 2017 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2017 Economics Objective / Multiple Choice
Question 32 POST_UTME_REDEEMERS_UNIVERSITY • 2017 • ECONOMICS • objective
Post Utme Redeemers University 2017 Economics Question 32 diagram

The following diagram shows the supply and demand curves for a particular commodity. If the price of the commodity is currently at P1, what is the likely effect on the quantity supplied and quantity demanded?

Answer Options

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

About This Question

This is Post Utme Redeemers University 2017 Economics Question 32. It is one of the objective questions from the 2017 Post Utme Redeemers University Economics examination.

View More Post Utme Redeemers University 2017 Economics Questions More Post Utme Redeemers University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support