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WAEC Economics 2003 Question 15

Question 15

Theory of Supply

The market supply curve slopes upwards from left to right indicating that

  1. A.at a lower price, more is supplied
  2. B.two commodities can be supplied at the same time
  3. C.at a lower price, less is supplied
  4. D.producers pay high taxes
Show the answer and explanation

Answer: C (at a lower price, less is supplied)

Explanation

An upward-sloping supply curve means quantity supplied falls as price falls (and rises as price rises).