Post Utme Madonna University 2018 Economics Question 23

Practice objective / multiple choice question 23 from the 2018 Post Utme Madonna University Economics examination.

Post Utme Madonna University 2018 Economics Objective / Multiple Choice
Question 23 POST_UTME_MADONNA_UNIVERSITY • 2018 • ECONOMICS • objective
Post Utme Madonna University 2018 Economics Question 23 diagram

A perfectly competitive market is characterized by a large number of firms producing a homogeneous product. What is the equilibrium price and quantity in such a market?

Answer Options

Correct Answer A. The equilibrium price is $10 and the equilibrium quantity is 100 units.
B. The equilibrium price is $20 and the equilibrium quantity is 200 units.
C. The equilibrium price is $30 and the equilibrium quantity is 300 units.
D. The equilibrium price is $40 and the equilibrium quantity is 400 units.
Correct Answer
A
Correct Option:
The equilibrium price is $10 and the equilibrium quantity is 100 units.

About This Question

This is Post Utme Madonna University 2018 Economics Question 23. It is one of the objective questions from the 2018 Post Utme Madonna University Economics examination.

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