Post Utme Bells University 2021 Economics Question 19

Practice objective / multiple choice question 19 from the 2021 Post Utme Bells University Economics examination.

Post Utme Bells University 2021 Economics Objective / Multiple Choice
Question 19 POST_UTME_BELLS_UNIVERSITY • 2021 • ECONOMICS • objective

Consider a market with a demand curve given by \( Q = 100 - 2P \) and a supply curve given by \( Q = 2P \). If the market is initially in equilibrium, and then a shift in demand occurs, cau\sing the demand curve to shift to \( Q = 80 - 2P \), what will be the new equilibrium price and quantity in the market?

Answer Options

Correct Answer A. \( P = 20, Q = 60 \)
B. \( P = 25, Q = 50 \)
C. \( P = 30, Q = 40 \)
D. \( P = 35, Q = 30 \)
Correct Answer
A
Correct Option:
\( P = 20, Q = 60 \)

About This Question

This is Post Utme Bells University 2021 Economics Question 19. It is one of the objective questions from the 2021 Post Utme Bells University Economics examination.

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