Post Utme Lasu 2024 Economics Question 8

Practice objective / multiple choice question 8 from the 2024 Post Utme Lasu Economics examination.

Post Utme Lasu 2024 Economics Objective / Multiple Choice
Question 8 POST_UTME_LASU • 2024 • ECONOMICS • objective
Post Utme Lasu 2024 Economics Question 8 diagram

A firm's demand curve is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The firm's supply curve is given by the equation Qs = 2P - 10, where Qs is the quantity supplied. Find the equilibrium price and quantity.

Answer Options

A. P = $20, Q = 40
Correct Answer B. P = $30, Q = 50
C. P = $40, Q = 60
D. P = $50, Q = 70
Correct Answer
B
Correct Option:
P = $30, Q = 50

About This Question

This is Post Utme Lasu 2024 Economics Question 8. It is one of the objective questions from the 2024 Post Utme Lasu Economics examination.

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