Question 48
Basic Agricultural EconomicsStudy the graph illustrated below.
What is the change in quantity of rice demanded when the price increases from N1.00 to N5.00?
- A.8kg
- B.6kg
- C.4kg
- D.2kg
Show the answer and explanation
Answer: C (4kg)
Explanation
On the demand curve, quantity falls from 8 kg at N1 to 4 kg at N5: a change of 4 kg.