Post Utme Al Hikmah University 2017 Economics Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Al Hikmah University Economics examination.

Post Utme Al Hikmah University 2017 Economics Objective / Multiple Choice
Question 31 POST_UTME_AL-HIKMAH_UNIVERSITY • 2017 • ECONOMICS • objective

A perfectly competitive market has a downward-sloping demand curve and a horizontal supply curve. What is the equilibrium price and quantity in this market?

Answer Options

A. The equilibrium price is P1 and the equilibrium quantity is Q1
Correct Answer B. The equilibrium price is P2 and the equilibrium quantity is Q2
C. The equilibrium price is P3 and the equilibrium quantity is Q3
D. The equilibrium price is P4 and the equilibrium quantity is Q4
Correct Answer
B
Correct Option:
The equilibrium price is P2 and the equilibrium quantity is Q2

About This Question

This is Post Utme Al Hikmah University 2017 Economics Question 31. It is one of the objective questions from the 2017 Post Utme Al Hikmah University Economics examination.

View More Post Utme Al Hikmah University 2017 Economics Questions More Post Utme Al Hikmah University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support