Post Utme Rhema University 2024 Economics Question 28

Practice objective / multiple choice question 28 from the 2024 Post Utme Rhema University Economics examination.

Post Utme Rhema University 2024 Economics Objective / Multiple Choice
Question 28 POST_UTME_RHEMA_UNIVERSITY • 2024 • ECONOMICS • objective

Consider a market with a demand function Qd = 100 - 2p and a supply function Qs = 2p - 10. If the market is initially in equilibrium, and then a shift in demand occurs, cau\sing the demand function to become Qd = 120 - 2p, what will be the new equilibrium price and quantity?

Answer Options

A. p = ₦60, Q = 50 units
Correct Answer B. p = ₦70, Q = 60 units
C. p = ₦80, Q = 70 units
D. p = ₦90, Q = 80 units
Correct Answer
B
Correct Option:
p = ₦70, Q = 60 units

About This Question

This is Post Utme Rhema University 2024 Economics Question 28. It is one of the objective questions from the 2024 Post Utme Rhema University Economics examination.

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