Post Utme Skyline University 2023 Economics Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Skyline University Economics examination.

Post Utme Skyline University 2023 Economics Objective / Multiple Choice

Question 1 POST_UTME_SKYLINE_UNIVERSITY • 2023 • ECONOMICS • objective

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

Answer Options

A. Equilibrium price increases and quantity decreases

Correct Answer B. Equilibrium price decreases and quantity increases

C. Equilibrium price remains the same and quantity increases

D. Equilibrium price increases and quantity remains the same

Correct Answer

Correct Option:

Equilibrium price decreases and quantity increases

About This Question

This is Post Utme Skyline University 2023 Economics Question 1. It is one of the objective questions from the 2023 Post Utme Skyline University Economics examination.

View More Post Utme Skyline University 2023 Economics Questions More Post Utme Skyline 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