Waec Model Questions Vol1 2018 Economics Question 16
Practice objective / multiple choice question 16 from the 2018 Waec Model Questions Vol1 Economics examination.
In a certain market the equilibrium price of a good is ₦500 per unit and the equilibrium quantity is 2,000 units. The government imposes a price ceiling of ₦400 per unit. At this ceiling price the quantity demanded rises to 2,600 units while the quantity supplied falls to 1,500 units. What is the size of the shortage created by the price ceiling (in units)?
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About This Question
This is Waec Model Questions Vol1 2018 Economics Question 16. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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