Post Utme Lasu 2021 Economics Question 38

Practice objective / multiple choice question 38 from the 2021 Post Utme Lasu Economics examination.

Post Utme Lasu 2021 Economics Objective / Multiple Choice
Question 38 POST_UTME_LASU • 2021 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is D(p) = 100 - 2p and the marginal \cost (MC) of each firm is cons\tant at 10, what is the equilibrium price and quantity?

Answer Options

Correct Answer A. \( p = 20, Q = 40 \)
B. \( p = 30, Q = 50 \)
C. \( p = 40, Q = 60 \)
D. \( p = 50, Q = 70 \)
Correct Answer
A
Correct Option:
\( p = 20, Q = 40 \)

About This Question

This is Post Utme Lasu 2021 Economics Question 38. It is one of the objective questions from the 2021 Post Utme Lasu Economics examination.

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