Post Utme Madonna University 2020 Economics Question 26

Practice objective / multiple choice question 26 from the 2020 Post Utme Madonna University Economics examination.

Post Utme Madonna University 2020 Economics Objective / Multiple Choice

Question 26 POST_UTME_MADONNA_UNIVERSITY • 2020 • ECONOMICS • objective

At the point of equilibrium, the price of a commodity is determined by the intersection of the supply and demand curves. Which of the following statements is true about the equilibrium price?

Answer Options

A. The equilibrium price is determined by the quantity demanded.

B. The equilibrium price is determined by the quantity supplied.

Correct Answer C. The equilibrium price is determined by the intersection of the supply and demand curves.

D. The equilibrium price is determined by the slope of the supply curve.

Correct Answer

Correct Option:

The equilibrium price is determined by the intersection of the supply and demand curves.

About This Question

This is Post Utme Madonna University 2020 Economics Question 26. It is one of the objective questions from the 2020 Post Utme Madonna University Economics examination.

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