Post Utme Uniport 2024 Commerce Question 31

Practice objective / multiple choice question 31 from the 2024 Post Utme Uniport Commerce examination.

Post Utme Uniport 2024 Commerce Objective / Multiple Choice
Question 31 POST_UTME_UNIPORT • 2024 • COMMERCE • objective

In a perfectly competitive market, the supply curve is horizontal and the demand curve is downward-sloping. What is the equilibrium price and quantity in this market?

Answer Options

A. The equilibrium price is 10 and the equilibrium quantity is 100 units.
B. The equilibrium price is 20 and the equilibrium quantity is 50 units.
Correct Answer C. The equilibrium price is 15 and the equilibrium quantity is 75 units.
D. The equilibrium price is 25 and the equilibrium quantity is 25 units.
Correct Answer
C
Correct Option:
The equilibrium price is 15 and the equilibrium quantity is 75 units.

About This Question

This is Post Utme Uniport 2024 Commerce Question 31. It is one of the objective questions from the 2024 Post Utme Uniport Commerce examination.

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