Waec Model Questions Vol1 2022 Economics Question 18

Practice objective / multiple choice question 18 from the 2022 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2022 Economics Objective / Multiple Choice Easy Difficulty

Question 18 WAEC_MODEL_QUESTIONS_VOL1 • 2022 • ECONOMICS • objective

The demand for a commodity is Qd = 500 - 5P and the supply is Qs = 20P - 100, where Q is quantity and P is price in Naira. Find the equilibrium price and quantity.

Answer Options

Correct Answer A. Price = ₦24, Quantity = 380 units

B. Price = ₦22, Quantity = 390 units

C. Price = ₦30, Quantity = 350 units

D. Price = ₦20, Quantity = 400 units

Correct Answer

Correct Option:

Price = ₦24, Quantity = 380 units

About This Question

This is Waec Model Questions Vol1 2022 Economics Question 18. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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