Which of the following statement is TRUE of the effect of changes in demand and...
ECONOMICS
JAMB 1995
Which of the following statement is TRUE of the effect of changes in demand and supply on price?
- A. A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
- B. An increase in demand will lead to a fall in price and quantity bought and sold
- C. A decrease in demand will lead to a rise in price and in the quantity bought and sold
- D. An increase in supply will lead to a fall price and a rise in the quantity bought and sold
Correct Answer: D. An increase in supply will lead to a fall price and a rise in the quantity bought and sold
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