An increase in the price of a commodity will result in
ECONOMICS
JAMB 2013
An increase in the price of a commodity will result in
- A. a decrease in the quantity demanded
- B. an increase in demand
- C. an increase in quantity demanded
- D. a decrease in demand
Correct Answer: A. a decrease in the quantity demanded
Explanation
According to the law of demand, a rise in price will cause a decrease in the quantity demanded and vice versa.
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