JAMB Economics 2020 Objective — Question 7
Question 7 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2020 Objective paper, with the correct answer and a full explanation.
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An increase in demand without a corresponding change in supply will lead to
- A. a decrease in equilibrium price and an increase in equilibrium quantity
- B. an increase in equilibrium quantityCorrect
- C. a decrease in equilibrium price and quantity
- D. an increase in equilibrium price and a decrease in equilibrium quantity
Explanation
An increase in demand, with supply unchanged, raises both the equilibrium price and the equilibrium quantity.
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