Post Utme Skyline University 2022 Economics Question 33

Practice objective / multiple choice question 33 from the 2022 Post Utme Skyline University Economics examination.

Post Utme Skyline University 2022 Economics Objective / Multiple Choice
Question 33 POST_UTME_SKYLINE_UNIVERSITY • 2022 • ECONOMICS • objective

Suppose a firm's demand function is given by Qd = 100 - 2P, and its supply function is given by Qs = 2P - 50. Find the equilibrium price and quantity.

Answer Options

A. P = ₦20, Q = 50
Correct Answer B. P = ₦30, Q = 70
C. P = ₦40, Q = 90
D. P = ₦50, Q = 110
Correct Answer
B
Correct Option:
P = ₦30, Q = 70

About This Question

This is Post Utme Skyline University 2022 Economics Question 33. It is one of the objective questions from the 2022 Post Utme Skyline University Economics examination.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support