Economics
JAMB 2013
An increase in demand without a corresponding change in supply will lead to
-
A.
a decrease in equilirium price and increase in equilibrium quantity
-
B.
an increase in equilibrium price and quantity
-
C.
a decrease in equilibrium price and quantity
-
D.
an increase in equilibrium price and a decrease in equilibrium quantity
Correct Answer: Option D
Explanation
An increase in demand without a corresponding increase in supply will lead to a rise in price and a decrease in the quantity available for sale.
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