Neco 2023 Economics Question 1

Practice objective / multiple choice question 1 from the 2023 Neco Economics examination.

Neco 2023 Economics Objective / Multiple Choice Easy Difficulty
Question 1 NECO • 2023 • ECONOMICS • objective

If the price of smartphones falls from \(50{,}000\) naira to \(40{,}000\) naira and at the same time consumer income rises, what is the likely effect on the equilibrium quantity of smartphones? Explain the direction of the shifts in the demand and supply curves and the resulting change in equilibrium quantity.

Answer Options

A. The equilibrium quantity becomes indeterminate.
B. The equilibrium quantity remains unchanged.
Correct Answer C. The equilibrium quantity increases.
D. The equilibrium quantity decreases.
Correct Answer
C
Correct Option:
The equilibrium quantity increases.

About This Question

This is Neco 2023 Economics Question 1. It is one of the objective questions from the 2023 Neco Economics examination.

Difficulty level: Easy .

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