Post Utme Madonna University 2023 Economics Question 34

Practice objective / multiple choice question 34 from the 2023 Post Utme Madonna University Economics examination.

Post Utme Madonna University 2023 Economics Objective / Multiple Choice
Question 34 POST_UTME_MADONNA_UNIVERSITY • 2023 • ECONOMICS • objective

A perfectly competitive market has a demand curve with a cons\tant elasticity of -3. If the market price is $10, and the elasticity of supply is 2, what is the market supply curve?

Answer Options

A. Q = 2P^2
Correct Answer B. Q = 3P^2
C. Q = 4P^2
D. Q = 5P^2
Correct Answer
B
Correct Option:
Q = 3P^2

About This Question

This is Post Utme Madonna University 2023 Economics Question 34. It is one of the objective questions from the 2023 Post Utme Madonna University Economics examination.

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