Post Utme Futo 2017 Economics Question 6

Practice objective / multiple choice question 6 from the 2017 Post Utme Futo Economics examination.

Post Utme Futo 2017 Economics Objective / Multiple Choice

Question 6 POST_UTME_FUTO • 2017 • ECONOMICS • objective

Determine the equilibrium price and quantity in a perfectly competitive market, given the demand function \( Q_d = 100 - 2P \) and the supply function \( Q_s = 2P - 20 \).

A. \( P = 10, Q = 60 \)

Correct Answer B. \( P = 20, Q = 40 \)

C. \( P = 30, Q = 20 \)

D. \( P = 40, Q = 0 \)

Correct Answer

Correct Option:

\( P = 20, Q = 40 \)

This is Post Utme Futo 2017 Economics Question 6. It is one of the objective questions from the 2017 Post Utme Futo Economics examination.

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