Post Utme Abu 2019 Economics Question 31

Practice objective / multiple choice question 31 from the 2019 Post Utme Abu Economics examination.

Post Utme Abu 2019 Economics Objective / Multiple Choice

Question 31 POST_UTME_ABU • 2019 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is given by Qd = 100 - 2P and the supply curve is given by Qs = 10 + 3P, find the equilibrium price and quantity u\sing the diagram below.

Correct Answer A. ₦20, Q = 60

B. ₦30, Q = 40

C. ₦40, Q = 20

D. ₦50, Q = 10

Correct Answer

Correct Option:

₦20, Q = 60

This is Post Utme Abu 2019 Economics Question 31. It is one of the objective questions from the 2019 Post Utme Abu Economics examination.

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