Post Utme Ims U 2025 Economics Question 38

Practice objective / multiple choice question 38 from the 2025 Post Utme Ims U Economics examination.

Post Utme Ims U 2025 Economics Objective / Multiple Choice
Question 38 POST_UTME_IMS_U • 2025 • ECONOMICS • objective

Suppose the demand for a product is given by the inverse demand function p = 100 - 2q, where p is the price and q is the quantity demanded. If the supply function is given by q = 2 + 3p, find the equilibrium price and quantity.

Answer Options

A. ₦50, 20 units
Correct Answer B. ₦60, 15 units
C. ₦70, 10 units
D. ₦80, 5 units
Correct Answer
B
Correct Option:
₦60, 15 units

About This Question

This is Post Utme Ims U 2025 Economics Question 38. It is one of the objective questions from the 2025 Post Utme Ims U Economics examination.

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