JAMB - Economics (1995 - No. 14)
Which of the following statement is TRUE of the effect of changes in demand and supply on price?
A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
An increase in demand will lead to a fall in price and quantity bought and sold
A decrease in demand will lead to a rise in price and in the quantity bought and sold
An increase in supply will lead to a fall price and a rise in the quantity bought and sold