Post Utme Noun 2023 Economics Question 28

Practice objective / multiple choice question 28 from the 2023 Post Utme Noun Economics examination.

Post Utme Noun 2023 Economics Objective / Multiple Choice
Question 28 POST_UTME_NOUN • 2023 • ECONOMICS • objective

The following diagram shows the supply and demand curves for a commodity. If the price elasticity of supply is 2 and the price elasticity of demand is 3, what is the equilibrium price and quantity?

Answer Options

A. Price: ₦100, Quantity: 100
Correct Answer B. Price: ₦150, Quantity: 150
C. Price: ₦200, Quantity: 200
D. Price: ₦250, Quantity: 250
Correct Answer
B
Correct Option:
Price: ₦150, Quantity: 150

About This Question

This is Post Utme Noun 2023 Economics Question 28. It is one of the objective questions from the 2023 Post Utme Noun Economics examination.

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