Post Utme Caleb University 2017 Economics Question 32

Practice objective / multiple choice question 32 from the 2017 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2017 Economics Objective / Multiple Choice
Question 32 POST_UTME_CALEB_UNIVERSITY • 2017 • ECONOMICS • objective

A perfectly competitive market has a demand curve given by P = 100 - 2Q. If the market supply curve is given by P = 20 + 3Q, what is the equilibrium price and quantity?

Answer Options

Correct Answer A. Price = 50, Quantity = 15
B. Price = 40, Quantity = 20
C. Price = 30, Quantity = 25
D. Price = 20, Quantity = 30
Correct Answer
A
Correct Option:
Price = 50, Quantity = 15

About This Question

This is Post Utme Caleb University 2017 Economics Question 32. It is one of the objective questions from the 2017 Post Utme Caleb University Economics examination.

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