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WAEC Economics 2023 Question 14

Question 14

Price Determination

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will

  1. A.remain constant.
  2. B.decrease.
  3. C.increase.
  4. D.turn negative.
Show the answer and explanation

Answer: C (increase.)

Explanation

Demand shifts right along the same supply curve: price and quantity both rise.