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If the demand of a product with perfectly elastic supply increases, there will be

Economics
JAMB 1978

If the demand of a product with perfectly elastic supply increases, there will be
  • A. An increase in price and quantity offered
  • B. An increase in quantity offered but price will remain the same
  • C. A reduction in price and quantity offered
  • D. An increase in price but a reduction in quantity offered for sale
  • E. An increase in quantity offered but a reduction in price
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Correct Answer: Option B
Explanation
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JAMB CBT Mobile App 2025 - Free Download
JAMB CBT Software 2025 - Free Download
JAMB CBT 2025 - Candidates, Schools, Centres, Resellers - Get Ready!
JAMB CBT Software 2025 - Free Download
JAMB CBT 2025 - Candidates, Schools, Centres, Resellers - Get Ready!
JAMB CBT Mobile App 2025 - Free Download
Myschool's prices for products & services are going up again in February - Buy what you need now