Post Utme Madonna University 2018 Economics Question 7

Practice objective / multiple choice question 7 from the 2018 Post Utme Madonna University Economics examination.

Post Utme Madonna University 2018 Economics Objective / Multiple Choice
Question 7 POST_UTME_MADONNA_UNIVERSITY • 2018 • ECONOMICS • objective

The demand function for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply function is given by Qs = 2P - 100, what is the equilibrium price and quantity?

Answer Options

Correct Answer A. P = ₦50, Q = 150 units
B. P = ₦75, Q = 100 units
C. P = ₦100, Q = 50 units
D. P = ₦150, Q = 25 units
Correct Answer
A
Correct Option:
P = ₦50, Q = 150 units

About This Question

This is Post Utme Madonna University 2018 Economics Question 7. It is one of the objective questions from the 2018 Post Utme Madonna University Economics examination.

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