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The law of supply states that, other things being constant, as price increases

Economics
JAMB 2023

The law of supply states that, other things being constant, as price increases

  • A. Supply increases
  • B. Supply decreases
  • C. Quantity supplied increases
  • D. Quantity supplied decreases
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Correct Answer: Option C
Explanation

The law of supply says that a higher price will induce producers to supply a higher quantity to the market i.e. the higher the price, the greater the quantity supplied and vice versa.


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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts

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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid