Post Utme Uniport 2024 Economics Question 20

Practice objective / multiple choice question 20 from the 2024 Post Utme Uniport Economics examination.

Post Utme Uniport 2024 Economics Objective / Multiple Choice
Question 20 POST_UTME_UNIPORT • 2024 • ECONOMICS • objective
Post Utme Uniport 2024 Economics Question 20 diagram

The following diagram shows the supply and demand curves for a commodity. If the price of the commodity is initially at P1, what is the likely effect of a decrease in the price to P2?

Answer Options

A. An increase in the quantity supplied and a decrease in the quantity demanded.
Correct Answer B. A decrease in the quantity supplied and an increase in the quantity demanded.
C. No change in the quantity supplied and no change in the quantity demanded.
D. An increase in the quantity demanded and a decrease in the quantity supplied.
Correct Answer
B
Correct Option:
A decrease in the quantity supplied and an increase in the quantity demanded.

About This Question

This is Post Utme Uniport 2024 Economics Question 20. It is one of the objective questions from the 2024 Post Utme Uniport Economics examination.

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