Post Utme Lautech 2020 Economics Question 29

Practice objective / multiple choice question 29 from the 2020 Post Utme Lautech Economics examination.

Post Utme Lautech 2020 Economics Objective / Multiple Choice

Question 29 POST_UTME_LAUTECH • 2020 • ECONOMICS • objective

A perfectly competitive market has a demand function given by \( P = 100 - 2Q \), and a supply function given by \( P = 20 + 3Q \). What is the equilibrium price and quantity?

Answer Options

Correct Answer A. P = ₦80, Q = 20

B. P = ₦60, Q = 30

C. P = ₦40, Q = 40

D. P = ₦20, Q = 50

Correct Answer

Correct Option:

P = ₦80, Q = 20

About This Question

This is Post Utme Lautech 2020 Economics Question 29. It is one of the objective questions from the 2020 Post Utme Lautech Economics examination.

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