WAEC Economics 2024 Objective — Question 13

Question 13 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.

13. Other things being equal, an increase in the demand for land in the short-run will cause an increase in the

A. price only.Correct
B. price and supply.
C. quantity supplied only.
D. supply only.

Explanation

The initial demand curve is D0D0 with equilibrium e0. When demand increases, ceteris paribus, the demand curve shifts to D1D1, moving equilibrium to e1. This causes price to rise from P0 to P1, while quantity supplied only moves along the fixed short-run supply curve from q0 to q1 (supply itself does not shift).

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