Post Utme Rhema University 2021 Economics Question 5

Practice objective / multiple choice question 5 from the 2021 Post Utme Rhema University Economics examination.

Post Utme Rhema University 2021 Economics Objective / Multiple Choice
Question 5 POST_UTME_RHEMA_UNIVERSITY • 2021 • ECONOMICS • objective

A firm's demand function is given by Q = 100 - 2P, and its supply function is given by Q = 2P - 10. What is the equilibrium price and quantity?

Answer Options

Correct Answer A. P = $20, Q = 40
B. P = $30, Q = 50
C. P = $40, Q = 60
D. P = $50, Q = 70
Correct Answer
A
Correct Option:
P = $20, Q = 40

About This Question

This is Post Utme Rhema University 2021 Economics Question 5. It is one of the objective questions from the 2021 Post Utme Rhema University Economics examination.

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