Post Utme Bsu 2017 Economics Question 21

Practice objective / multiple choice question 21 from the 2017 Post Utme Bsu Economics examination.

Post Utme Bsu 2017 Economics Objective / Multiple Choice

Question 21 POST_UTME_BSU • 2017 • 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 marginal \cost (MC) of each firm is cons\tant at 10, what is the equilibrium price and quantity?

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

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

C. \( P = 20, Q = 50 \)

D. \( P = 50, Q = 20 \)

Correct Answer

Correct Option:

\( P = 40, Q = 30 \)

This is Post Utme Bsu 2017 Economics Question 21. It is one of the objective questions from the 2017 Post Utme Bsu Economics examination.

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