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JAMB Economics 2008 Question 14

Question 14

Theory of Supply

An upward movement along the same supply curve results in

  1. A.an increase in supply
  2. B.a decrease in price
  3. C.a decrease in quantity supplied
  4. D.an increase in quantity supplied
Show the answer and explanation

Answer: D (an increase in quantity supplied)

Explanation

Moving up a supply curve means a higher price, at which producers offer a larger quantity.