Post Utme Lautech 2024 Economics Question 32

Practice objective / multiple choice question 32 from the 2024 Post Utme Lautech Economics examination.

Post Utme Lautech 2024 Economics Objective / Multiple Choice
Question 32 POST_UTME_LAUTECH • 2024 • ECONOMICS • objective

A country's demand for a good is given by the demand function Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply function is given by Qs = 2P - 100. What is the equilibrium price and quantity?

Answer Options

A. {P = 50, Q = 0}
Correct Answer B. {P = 75, Q = 25}
C. {P = 100, Q = 0}
D. {P = 0, Q = 100}
Correct Answer
B
Correct Option:
{P = 75, Q = 25}

About This Question

This is Post Utme Lautech 2024 Economics Question 32. It is one of the objective questions from the 2024 Post Utme Lautech Economics examination.

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