Post Utme Ims U 2023 Economics Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Ims U Economics examination.

Post Utme Ims U 2023 Economics Objective / Multiple Choice
Question 1 POST_UTME_IMS_U • 2023 • ECONOMICS • objective

Determine the equilibrium price and quantity of a competitive market, given the following demand and supply functions: Qd = 100 - 2P, Qs = 50 + 3P.

Answer Options

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

About This Question

This is Post Utme Ims U 2023 Economics Question 1. It is one of the objective questions from the 2023 Post Utme Ims U Economics examination.

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