Post Utme Igbinedion University 2019 Economics Question 6

Practice objective / multiple choice question 6 from the 2019 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2019 Economics Objective / Multiple Choice
Question 6 POST_UTME_IGBINEDION_UNIVERSITY • 2019 • ECONOMICS • objective

Determine the equilibrium price and quantity of a commodity when the demand function is given by Qd = 100 - 2P and the supply function is given by Qs = 2P - 10, where P is the price in naira.

Answer Options

A. ₦20, Q = 40
Correct Answer B. ₦30, Q = 60
C. ₦40, Q = 80
D. ₦50, Q = 100
Correct Answer
B
Correct Option:
₦30, Q = 60

About This Question

This is Post Utme Igbinedion University 2019 Economics Question 6. It is one of the objective questions from the 2019 Post Utme Igbinedion University Economics examination.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support