Post Utme Joseph Ayo Babalola University 2022 Economics Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2022 Economics Objective / Multiple Choice
Question 1 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2022 • ECONOMICS • objective

Determine the equilibrium price and quantity of wheat in the market, given the demand equation Qd = 100 - 2P and the supply equation Qs = 2P - 10, where Qd and Qs are the quantities demanded and supplied, respectively, and P is the price of wheat.

Answer Options

Correct Answer A. \( P = 15, Q = 25 \)
B. \( P = 10, Q = 20 \)
C. \( P = 20, Q = 30 \)
D. \( P = 5, Q = 15 \)
Correct Answer
A
Correct Option:
\( P = 15, Q = 25 \)

About This Question

This is Post Utme Joseph Ayo Babalola University 2022 Economics Question 1. It is one of the objective questions from the 2022 Post Utme Joseph Ayo Babalola University Economics examination.

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