passwella.
Menu

WAEC Economics 2024 Question 13

Question 13

Price Determination

Other things being equal, an increase in the demand for land in the short-run will cause an increase in the

  1. A.price only.
  2. B.price and supply.
  3. C.quantity supplied only.
  4. D.supply only.
Show the answer and explanation

Answer: A (price only.)

Explanation

The supply of land is fixed, so higher demand raises only its price.