Post Utme Unilag 2019 Economics Question 28

Practice objective / multiple choice question 28 from the 2019 Post Utme Unilag Economics examination.

Post Utme Unilag 2019 Economics Objective / Multiple Choice
Question 28 POST_UTME_UNILAG • 2019 • ECONOMICS • objective

The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 100, where Qs is the quantity supplied and P is the price. Find the equilibrium price and quantity.

Answer Options

Correct Answer A. Equilibrium price: ₦50; Equilibrium quantity: 100 units
B. Equilibrium price: ₦75; Equilibrium quantity: 150 units
C. Equilibrium price: ₦100; Equilibrium quantity: 200 units
D. Equilibrium price: ₦125; Equilibrium quantity: 250 units
Correct Answer
A
Correct Option:
Equilibrium price: ₦50; Equilibrium quantity: 100 units

About This Question

This is Post Utme Unilag 2019 Economics Question 28. It is one of the objective questions from the 2019 Post Utme Unilag Economics examination.

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