WAEC Economics 2019 Objective — Question 11
Question 11 of 50 from the West African Examinations Council (WAEC) Economics 2019 Objective paper, with the correct answer and a full explanation.
Advertisement
What effect will an increase in the supply of fish have on the meat market?
- A. a fall in equilibrium price and quantityCorrect
- B. An increase in equilibrium price and quantity
- C. an increase in equilibrium price and quantity
- D. Both equilibrium price and quantity remain unchanged
Explanation
Fish and meat are competitive (substitute) goods. If the supply of fish rises, its price falls, causing consumers to switch from meat to fish; meat sellers must then reduce their price too, resulting in a fall in the equilibrium price and quantity of meat.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.