Waec Model Questions Vol1 2021 Economics Question 6

Practice essay / theory question 6 from the 2021 Waec Model Questions Vol1 Economics examination. This question covers Market Structures .

Waec Model Questions Vol1 2021 Economics Essay / Theory

Topic: Market Structures

Question 6 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • essay

The market for a homogeneous agricultural product is perfectly competitive. The market demand curve is Qd = 500 – 2P and the market supply curve is Qs = 3P – 60, where Q is quantity in tonnes and P is price per tonne (₦). Answer the following:

Question Parts

( a )

Determine the equilibrium price and quantity.

( b )

Calculate the consumer surplus and producer surplus at the equilibrium.

( c )

The government introduces a price floor of ₦150 per tonne. State whether the floor is binding, compute the resulting surplus or shortage, and determine the dead‑weight loss, if any.

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About This Question

This is Waec Model Questions Vol1 2021 Economics Question 6. It is one of the essay questions from the 2021 Waec Model Questions Vol1 Economics examination.

The question covers Market Structures .

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