Post Utme Unilorin 2024 Economics Question 28

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

Post Utme Unilorin 2024 Economics Objective / Multiple Choice
Question 28 POST_UTME_UNILORIN • 2024 • ECONOMICS • objective

A firm's demand function is given by Qd = 100 - 2P + 10Y. If the firm's supply function is Qs = 20 + 3P - 5Y, what is the equilibrium price and quantity?

Answer Options

A. P = $10, Q = 50
Correct Answer B. P = $15, Q = 60
C. P = $20, Q = 70
D. P = $25, Q = 80
Correct Answer
B
Correct Option:
P = $15, Q = 60

About This Question

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

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