JAMB Economics 2012 Objective — Question 19

Question 19 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2012 Objective paper, with the correct answer and a full explanation.

Fixing price above equilibrium will cause

A. demand and supply to remain constant
B. an increase in quantity suppliedCorrect
C. an increase in supply
D. a decrease in quantity supplied

Explanation

An increase in quantity supplied will result from fixing the price above equilibrium. The higher the price, the greater the quantity supplied.

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