Post Utme Summit University 2019 Commerce Question 36

Practice objective / multiple choice question 36 from the 2019 Post Utme Summit University Commerce examination.

Post Utme Summit University 2019 Commerce Objective / Multiple Choice
Question 36 POST_UTME_SUMMIT_UNIVERSITY • 2019 • COMMERCE • objective

In a perfectly competitive market, if the demand for a product increases, what will happen to the equilibrium price and quantity?

Answer Options

A. The equilibrium price will increase, and the equilibrium quantity will decrease.
Correct Answer B. The equilibrium price will decrease, and the equilibrium quantity will increase.
C. The equilibrium price will remain the same, and the equilibrium quantity will increase.
D. The equilibrium price will increase, and the equilibrium quantity will increase.
Correct Answer
B
Correct Option:
The equilibrium price will decrease, and the equilibrium quantity will increase.

About This Question

This is Post Utme Summit University 2019 Commerce Question 36. It is one of the objective questions from the 2019 Post Utme Summit University Commerce examination.

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