Post Utme Ims U 2018 Economics Question 6

Practice objective / multiple choice question 6 from the 2018 Post Utme Ims U Economics examination.

Post Utme Ims U 2018 Economics Objective / Multiple Choice
Question 6 POST_UTME_IMS_U • 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 marginal \cost (MC) of each firm is 20, what is the equilibrium price and quantity?

Answer Options

Correct Answer A. \( P = 30, Q = 35 \)
B. \( P = 40, Q = 30 \)
C. \( P = 50, Q = 25 \)
D. \( P = 60, Q = 20 \)
Correct Answer
A
Correct Option:
\( P = 30, Q = 35 \)

About This Question

This is Post Utme Ims U 2018 Economics Question 6. It is one of the objective questions from the 2018 Post Utme Ims U Economics examination.

View More Post Utme Ims U 2018 Economics Questions More Post Utme Ims U Practice Questions Back to Questions

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