Post Utme Veritas University 2017 Economics Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2017 Economics Objective / Multiple Choice

Question 31 POST_UTME_VERITAS_UNIVERSITY • 2017 • ECONOMICS • objective

In a perfectly competitive market, the supply curve is upward-sloping and the demand curve is downward-sloping. What is the effect of an increase in the price of a complementary good on the demand for a product?

Answer Options

A. The demand for the product increases.

Correct Answer B. The demand for the product decreases.

C. The demand for the product remains unchanged.

D. The demand for the product becomes perfectly inelastic.

Correct Answer

Correct Option:

The demand for the product decreases.

About This Question

This is Post Utme Veritas University 2017 Economics Question 31. It is one of the objective questions from the 2017 Post Utme Veritas University Economics examination.

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