Post Utme Afe Babalola University 2023 Economics Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Afe Babalola University Economics examination.

Post Utme Afe Babalola University 2023 Economics Objective / Multiple Choice
Question 1 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2023 • ECONOMICS • objective

Determine the equilibrium price and quantity of a commodity in a perfectly competitive market, given the following supply and demand equations: Qd = 100 - 2P and Qs = 50 + 3P.

Answer Options

A. ₦200, 150 units
Correct Answer B. ₦300, 200 units
C. ₦400, 250 units
D. ₦500, 300 units
Correct Answer
B
Correct Option:
₦300, 200 units

About This Question

This is Post Utme Afe Babalola University 2023 Economics Question 1. It is one of the objective questions from the 2023 Post Utme Afe Babalola University Economics examination.

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