Post Utme Christopher University 2018 Economics Question 3

Practice objective / multiple choice question 3 from the 2018 Post Utme Christopher University Economics examination.

Post Utme Christopher University 2018 Economics Objective / Multiple Choice
Question 3 POST_UTME_CHRISTOPHER_UNIVERSITY • 2018 • ECONOMICS • objective

The demand for a particular commodity is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the commodity is given by the equation Qs = 2P - 10, where Qs is the quantity supplied. What is the equilibrium price and quantity of the commodity?

Answer Options

Correct Answer A. Price = ₦20, Quantity = 30 units
B. Price = ₦30, Quantity = 20 units
C. Price = ₦40, Quantity = 10 units
D. Price = ₦50, Quantity = 0 units
Correct Answer
A
Correct Option:
Price = ₦20, Quantity = 30 units

About This Question

This is Post Utme Christopher University 2018 Economics Question 3. It is one of the objective questions from the 2018 Post Utme Christopher University Economics examination.

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