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JAMB Economics 1979 Question 17

Question 17

Theory of Supply

The quantity supplied of a commodity increases when

  1. A.production increases
  2. B.demand increases
  3. C.price of the commodity increases
  4. D.population of the country increases
  5. E.more commodities are imported.
Show the answer and explanation

Answer: C (price of the commodity increases)

Explanation

By the law of supply, sellers offer more of a commodity when its price rises.