Post Utme Esut 2018 Economics Question 36

Practice objective / multiple choice question 36 from the 2018 Post Utme Esut Economics examination.

Post Utme Esut 2018 Economics Objective / Multiple Choice

Question 36 POST_UTME_ESUT • 2018 • 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 inverse supply curve is given by Qs = 2P, what is the equilibrium price and quantity?

Correct Answer A. P = 50, Q = 25

B. P = 25, Q = 50

C. P = 75, Q = 12.5

D. P = 12.5, Q = 75

Correct Answer

Correct Option:

P = 50, Q = 25

This is Post Utme Esut 2018 Economics Question 36. It is one of the objective questions from the 2018 Post Utme Esut Economics examination.

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