Post Utme Aaua 2020 Economics Question 18

Practice objective / multiple choice question 18 from the 2020 Post Utme Aaua Economics examination.

Post Utme Aaua 2020 Economics Objective / Multiple Choice
Question 18 POST_UTME_AAUA • 2020 • ECONOMICS • objective
Post Utme Aaua 2020 Economics Question 18 diagram

The following diagram shows the supply and demand curves for a product. If the price elasticity of supply is 2 and the price elasticity of demand is -3, what is the equilibrium price and quantity?

Answer Options

A. P = 10, Q = 20
B. P = 15, Q = 30
Correct Answer C. P = 20, Q = 40
D. P = 25, Q = 50
Correct Answer
C
Correct Option:
P = 20, Q = 40

About This Question

This is Post Utme Aaua 2020 Economics Question 18. It is one of the objective questions from the 2020 Post Utme Aaua Economics examination.

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