JAMB Economics 2020 Objective — Question 8
Question 8 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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In line with the law of demand, an increase in the price of a commodity will result in a
- A. decrease in quantity demandedCorrect
- B. increase in quantity demanded
- C. decrease in demand
- D. increase in demand
Explanation
By the law of demand, a rise in price reduces the quantity demanded (not overall demand, which is a separate concept).
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