Question 56
Basic Agricultural EconomicsStudy the graph (supply and demand curves for rice). What is the change in quantity of rice demanded when the price increases from N1.00 to N5.00?
- A.2 kg
- B.4 kg
- C.6 kg
- D.8 kg
Show the answer and explanation
Answer: B (4 kg)
Explanation
On the demand curve, 8 kg is demanded at N1 and 4 kg at N5: a fall of 4 kg.