NABTEB Economics 2024 Objective — Question 13
Question 13 of 50 from the National Business and Technical Examinations Board (NABTEB) Economics 2024 Objective paper, with the correct answer and a full explanation.
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Other things being equal, an increase in the demand for land in the short-run will cause an increase in the
- A. A. price onlyCorrect
- B. B. quantity supplied only
- C. C. price and supply
- D. D. supply only
Explanation
All things being equal, an increase in the demand for a commodity in any market will lead to a rise in production and increased prices. When the demand for a commodity rises, its price rises and consequently its supply too. This is because every supplier is willing to supply more when the price rises and vice versa.
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