Post Utme Skyline University 2018 Economics Question 11

Practice objective / multiple choice question 11 from the 2018 Post Utme Skyline University Economics examination.

Post Utme Skyline University 2018 Economics Objective / Multiple Choice

Question 11 POST_UTME_SKYLINE_UNIVERSITY • 2018 • 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 of the product?

Answer Options

A. \( P = 10, Q = 100 \)

B. \( P = 20, Q = 50 \)

Correct Answer C. \( P = 15, Q = 75 \)

D. \( P = 25, Q = 40 \)

Correct Answer

Correct Option:

\( P = 15, Q = 75 \)

About This Question

This is Post Utme Skyline University 2018 Economics Question 11. It is one of the objective questions from the 2018 Post Utme Skyline University Economics examination.

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