Post Utme Bells University 2023 Economics Question 24

Practice objective / multiple choice question 24 from the 2023 Post Utme Bells University Economics examination.

Post Utme Bells University 2023 Economics Objective / Multiple Choice

Question 24 POST_UTME_BELLS_UNIVERSITY • 2023 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is given by Qd = 100 - 2P and the inverse supply curve is given by Qs = 2P - 20, what is the equilibrium price and quantity?

Answer Options

A. \( P = 30, Q = 40 \)

Correct Answer B. \( P = 20, Q = 60 \)

C. \( P = 10, Q = 80 \)

D. \( P = 40, Q = 30 \)

Correct Answer

Correct Option:

\( P = 20, Q = 60 \)

About This Question

This is Post Utme Bells University 2023 Economics Question 24. It is one of the objective questions from the 2023 Post Utme Bells University Economics examination.

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