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Fixing price above equilibrium will cause

Economics
JAMB 2012

Fixing price above equilibrium will cause

  • A. demand and supply to remain constant
  • B. an increase in quantity supplied
  • C. an increase in supply
  • D. a decrease in quantity supplied
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Correct Answer: Option B
Explanation

Fixing prices above equilibrium will cause an increase in supply because suppliers will be willing to produce more since they will sell at a high price

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