WAEC Economics 2015 Objective — Question 10

Question 10 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.

The market supply curve slopes upwards from left to right indicating that

A. producers pay high taxes for two commodities can be supplied at the same time
B. at a lower price, less is suppliedCorrect
C. at a lower price, more is supplied and demanded
D. the supply and demand curves to the left

Explanation

An upward-sloping supply curve shows that as price falls, less quantity is supplied (and conversely, higher prices induce higher quantities supplied).

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