Post Utme Caleb University 2017 Economics Question 37

Practice objective / multiple choice question 37 from the 2017 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2017 Economics Objective / Multiple Choice
Question 37 POST_UTME_CALEB_UNIVERSITY • 2017 • ECONOMICS • objective

Suppose the demand for a product is given by the inverse demand function Q = 100 - P, where Q is the quantity demanded and P is the price. If the supply function is given by Q = 2P, what is the equilibrium price and quantity?

Answer Options

Correct Answer A. Equilibrium price = ₦50, Equilibrium quantity = 25 units
B. Equilibrium price = ₦75, Equilibrium quantity = 50 units
C. Equilibrium price = ₦100, Equilibrium quantity = 75 units
D. Equilibrium price = ₦125, Equilibrium quantity = 100 units
Correct Answer
A
Correct Option:
Equilibrium price = ₦50, Equilibrium quantity = 25 units

About This Question

This is Post Utme Caleb University 2017 Economics Question 37. It is one of the objective questions from the 2017 Post Utme Caleb University Economics examination.

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