Post Utme Bowen University 2022 Commerce Question 31

Practice objective / multiple choice question 31 from the 2022 Post Utme Bowen University Commerce examination.

Post Utme Bowen University 2022 Commerce Objective / Multiple Choice
Question 31 POST_UTME_BOWEN_UNIVERSITY • 2022 • COMMERCE • objective

In a perfectly competitive market, the supply curve is upward-sloping and the demand curve is downward-sloping. What is the equilibrium price and quantity of a commodity in such a market?

Answer Options

A. (P = 10, Q = 100)
Correct Answer B. (P = 20, Q = 50)
C. (P = 30, Q = 80)
D. (P = 40, Q = 120)
Correct Answer
B
Correct Option:
(P = 20, Q = 50)

About This Question

This is Post Utme Bowen University 2022 Commerce Question 31. It is one of the objective questions from the 2022 Post Utme Bowen University Commerce examination.

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