WAEC Economics 2011 Objective — Question 10

Question 10 of 50 from the West African Examinations Council (WAEC) Economics 2011 Objective paper, with the correct answer and a full explanation.

A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to

A. A. be unchanged
B. B. remain elastic
C. C. remain inelastic
D. D. riseCorrect

Explanation

Decrease in supply, which is a leftward shift in the supply curve, will lead to increase in price and decrease in quantity supplied if demand does not change.

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