Post Utme Caleb University 2020 Economics Question 24

Practice objective / multiple choice question 24 from the 2020 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2020 Economics Objective / Multiple Choice

Question 24 POST_UTME_CALEB_UNIVERSITY • 2020 • ECONOMICS • objective

A perfectly competitive market has a demand function P = 100 - 2Q and a supply function P = 20 + Q. What is the equilibrium price and quantity?

Answer Options

A. P = 60, Q = 20

Correct Answer B. P = 70, Q = 30

C. P = 80, Q = 40

D. P = 90, Q = 50

Correct Answer

Correct Option:

P = 70, Q = 30

About This Question

This is Post Utme Caleb University 2020 Economics Question 24. It is one of the objective questions from the 2020 Post Utme Caleb University Economics examination.

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