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WAEC Economics 2020 Question 12

Question 12

Theory of Supply

An increase in supply means that

  1. A.more is sold at different prices.
  2. B.more is sold at the same price.
  3. C.there is a leftward shift of the supply curve.
  4. D.there is a movement along the supply curve.
Show the answer and explanation

Answer: B (more is sold at the same price.)

Explanation

An increase in supply means more is offered at the same price: the curve shifts right.