Post Utme Osustech 2017 Economics Question 36

Practice objective / multiple choice question 36 from the 2017 Post Utme Osustech Economics examination.

Post Utme Osustech 2017 Economics Objective / Multiple Choice

Question 36 POST_UTME_OSUSTECH • 2017 • 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 supply curve is given by Qs = 10 + 3P, find the equilibrium price and quantity.

Answer Options

A. $P = 20, Q = 60$

Correct Answer B. $P = 30, Q = 40$

C. $P = 40, Q = 20$

D. $P = 50, Q = 10$

Correct Answer

Correct Option:

$P = 30, Q = 40$

About This Question

This is Post Utme Osustech 2017 Economics Question 36. It is one of the objective questions from the 2017 Post Utme Osustech Economics examination.

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