Post Utme Bells University 2021 Economics Question 16

Practice objective / multiple choice question 16 from the 2021 Post Utme Bells University Economics examination.

Post Utme Bells University 2021 Economics Objective / Multiple Choice
Question 16 POST_UTME_BELLS_UNIVERSITY • 2021 • ECONOMICS • objective

Consider a perfectly competitive market with 5 firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what will be the equilibrium price and quantity in the market?

Answer Options

Correct Answer A. \( P = 10, Q = 100 \)
B. \( P = 20, Q = 50 \)
C. \( P = 30, Q = 20 \)
D. \( P = 40, Q = 10 \)
Correct Answer
A
Correct Option:
\( P = 10, Q = 100 \)

About This Question

This is Post Utme Bells University 2021 Economics Question 16. It is one of the objective questions from the 2021 Post Utme Bells University Economics examination.

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