Post Utme Futa 2018 Economics Question 26

Practice objective / multiple choice question 26 from the 2018 Post Utme Futa Economics examination.

Post Utme Futa 2018 Economics Objective / Multiple Choice

Question 26 POST_UTME_FUTA • 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 supply curve is given by Qs = 10 + 3P, what is the equilibrium price and quantity?

A. \( P = 20, Q = 40 \)

Correct Answer B. \( P = 30, Q = 50 \)

C. \( P = 40, Q = 60 \)

D. \( P = 50, Q = 70 \)

Correct Answer

Correct Option:

\( P = 30, Q = 50 \)

This is Post Utme Futa 2018 Economics Question 26. It is one of the objective questions from the 2018 Post Utme Futa Economics examination.

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