Post Utme Oau 2022 Economics Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Oau Economics examination.

Post Utme Oau 2022 Economics Objective / Multiple Choice
Question 1 POST_UTME_OAU • 2022 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is given by Qd = 100 - 2P and the marginal \cost (MC) of each firm is cons\tant at 10, what is the equilibrium price and quantity?

Answer Options

Correct Answer A. \( P = 40, Q = 30 \)
B. \( P = 30, Q = 40 \)
C. \( P = 20, Q = 50 \)
D. \( P = 50, Q = 20 \)
Correct Answer
A
Correct Option:
\( P = 40, Q = 30 \)

About This Question

This is Post Utme Oau 2022 Economics Question 1. It is one of the objective questions from the 2022 Post Utme Oau Economics examination.

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