WAEC Economics 2021 Objective — Question 15
Question 15 of 50 from the West African Examinations Council (WAEC) Economics 2021 Objective paper, with the correct answer and a full explanation.
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15. When market supply increases, the equilibrium price
- A. rises and quantity falls.
- B. falls and quantity rises.Correct
- C. rises and quantity rises.
- D. falls and quantity falls.
Explanation
An increase in supply shifts the supply curve right, resulting in a lower equilibrium price and a higher equilibrium quantity.
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