The effect of an increase in demand for a commo... - JAMB Economics 2002 Question
The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?
A
raise the price of the commodity and affect the quantity in an indeterminate way
B
decrease the equilibrium quantity and affect the price in an intermediate way
C
raise its price as well as the equilibrium quantity
D
lower it price while affecting the equilibrium quantity in an interminate way
correct option: c
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