Post Utme Unilag 2024 Economics Question 36

Practice objective / multiple choice question 36 from the 2024 Post Utme Unilag Economics examination.

Post Utme Unilag 2024 Economics Objective / Multiple Choice
Question 36 POST_UTME_UNILAG • 2024 • ECONOMICS • objective

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

Answer Options

A. The equilibrium price increases, and the equilibrium quantity decreases.
Correct Answer B. The equilibrium price decreases, and the equilibrium quantity increases.
C. The equilibrium price remains the same, and the equilibrium quantity increases.
D. The equilibrium price remains the same, and the equilibrium quantity decreases.
Correct Answer
B
Correct Option:
The equilibrium price decreases, and the equilibrium quantity increases.

About This Question

This is Post Utme Unilag 2024 Economics Question 36. It is one of the objective questions from the 2024 Post Utme Unilag Economics examination.

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