Post Utme Afe Babalola University 2018 Economics Question 38

Practice objective / multiple choice question 38 from the 2018 Post Utme Afe Babalola University Economics examination.

Post Utme Afe Babalola University 2018 Economics Objective / Multiple Choice
Question 38 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2018 • ECONOMICS • objective

The demand for a good is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the good is given by the equation Qs = 2P - 100, where Qs is the quantity supplied and P is the price. What is the equilibrium price and quantity?

Answer Options

Correct Answer A. The equilibrium price is $50 and the equilibrium quantity is 100 units.
B. The equilibrium price is $100 and the equilibrium quantity is 200 units.
C. The equilibrium price is $200 and the equilibrium quantity is 300 units.
D. The equilibrium price is $50 and the equilibrium quantity is 200 units.
Correct Answer
A
Correct Option:
The equilibrium price is $50 and the equilibrium quantity is 100 units.

About This Question

This is Post Utme Afe Babalola University 2018 Economics Question 38. It is one of the objective questions from the 2018 Post Utme Afe Babalola University Economics examination.

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