Post Utme Unilag 2022 Economics Question 21

Practice objective / multiple choice question 21 from the 2022 Post Utme Unilag Economics examination.

Post Utme Unilag 2022 Economics Objective / Multiple Choice
Question 21 POST_UTME_UNILAG • 2022 • ECONOMICS • objective

A perfectly competitive market has a demand curve that is downward-sloping and a supply curve that is upward-sloping. What is the equilibrium price and quantity in this market?

Answer Options

A. The equilibrium price is P1 and the equilibrium quantity is Q1.
Correct Answer B. The equilibrium price is P2 and the equilibrium quantity is Q2.
C. The equilibrium price is P3 and the equilibrium quantity is Q3.
D. The equilibrium price is P4 and the equilibrium quantity is Q4.
Correct Answer
B
Correct Option:
The equilibrium price is P2 and the equilibrium quantity is Q2.

About This Question

This is Post Utme Unilag 2022 Economics Question 21. It is one of the objective questions from the 2022 Post Utme Unilag Economics examination.

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