Economics JAMB

If 100 units and 120 units of commodity X are supplied at N80 at different times; it means that there is?

A. a change in supply
B. a change in the quantity supplied
C. an increase in the quantity supplied
D. an increase in the quantity supplied

Correct Answer:

Option A – a change in supply

Explanation

A change in quantity supplied is a movement along the supply curve in response to a change in price, while a change in supply is a shift of the entire supply curve in response to something besides price.

From the question, the price was the same when the quantity supplied changed from 100 units to 120 units. This means the reason for the movement or shift is not because of a change in price, but due to other factors. Hence the correct option is option A. It means a change in supply is the reason for the movement.

Sunday

Share
Published by
Sunday
Tags: economics

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

2 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

2 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

2 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

2 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

2 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

2 months ago