Post Utme Greenfield University 2024 Economics Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Greenfield University Economics examination.

Post Utme Greenfield University 2024 Economics Objective / Multiple Choice
Question 1 POST_UTME_GREENFIELD_UNIVERSITY • 2024 • ECONOMICS • objective
Post Utme Greenfield University 2024 Economics Question 1 diagram

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?

Answer Options

Correct Answer A. \( P = 10, Q = 100 \)
B. \( P = 20, Q = 50 \)
C. \( P = 30, Q = 200 \)
D. \( P = 40, Q = 150 \)
Correct Answer
A
Correct Option:
\( P = 10, Q = 100 \)

About This Question

This is Post Utme Greenfield University 2024 Economics Question 1. It is one of the objective questions from the 2024 Post Utme Greenfield University Economics examination.

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