WAEC Economics 2014 Objective — Question 15
Question 15 of 50 from the West African Examinations Council (WAEC) Economics 2014 Objective paper, with the correct answer and a full explanation.
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Other things being equal, an increase in supply will lead to
- A. a fall in price and an increase in quantity bought and soldCorrect
- B. an increase in price and an increase in quantity bought and sold
- C. a fall in price and a fall in quantity bought and sold
- D. an increase in quantity supplied and demanded only
Explanation
As a result of a change in supply from S0 to S1, the price falls from P0 to P1, and quantity increases from Q0 to Q1.
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