JAMB Economics 2009 Objective — Question 15
Question 15 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2009 Objective paper, with the correct answer and a full explanation.
Advertisement
A decrease in supply without a corresponding change in demand will lead to
- A. an increase in equilibrium price and a decrease in equilibrium quantityCorrect
- B. a decrease in equilibrium price and an increase in equilibrium quantity
- C. a decrease in equilibrium price and equilibrium quantity
- D. an increase in equilibrium price and quantity
Explanation
There will be an increase in equilibrium price and a decrease in equilibrium quantity as supply shifts left (from S0 to S1), while quantity demanded decreases.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.