Post Utme Pan Atlantic University 2022 Economics Question 21

Practice objective / multiple choice question 21 from the 2022 Post Utme Pan Atlantic University Economics examination.

Post Utme Pan Atlantic University 2022 Economics Objective / Multiple Choice
Question 21 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2022 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the equilibrium price and quantity in the market?

Answer Options

Correct Answer A. \( P = 100, Q = 1000 \)
B. \( P = 50, Q = 2000 \)
C. \( P = 200, Q = 500 \)
D. \( P = 150, Q = 750 \)
Correct Answer
A
Correct Option:
\( P = 100, Q = 1000 \)

About This Question

This is Post Utme Pan Atlantic University 2022 Economics Question 21. It is one of the objective questions from the 2022 Post Utme Pan Atlantic University Economics examination.

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