Waec Model Questions Vol1 2023 Economics Question 25

Practice objective / multiple choice question 25 from the 2023 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2023 Economics Objective / Multiple Choice Easy Difficulty
Question 25 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • ECONOMICS • objective

The market for a certain good is described by the linear demand equation Q_d = 500 - 5P and the linear supply equation Q_s = 2P - 20, where Q is quantity and P is price (in Naira). Find the equilibrium price and quantity. Give the price and quantity each to two decimal places.

Answer Options

Correct Answer A. Price = 74.29, Quantity = 128.57
B. Price = 74.29, Quantity = 130.00
C. Price = 80.00, Quantity = 120.00
D. Price = 70.00, Quantity = 150.00
Correct Answer
A
Correct Option:
Price = 74.29, Quantity = 128.57

About This Question

This is Waec Model Questions Vol1 2023 Economics Question 25. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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