Post Utme Greenfield University 2018 Economics Question 26

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

Post Utme Greenfield University 2018 Economics Objective / Multiple Choice
Question 26 POST_UTME_GREENFIELD_UNIVERSITY • 2018 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the equilibrium price and quantity of the product?

Answer Options

Correct Answer A. \( P = 10, Q = 100 \)
B. \( P = 20, Q = 50 \)
C. \( P = 30, Q = 20 \)
D. \( P = 40, Q = 10 \)
Correct Answer
A
Correct Option:
\( P = 10, Q = 100 \)

About This Question

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

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