Post Utme Unn 2017 Economics Question 36

Practice objective / multiple choice question 36 from the 2017 Post Utme Unn Economics examination.

Post Utme Unn 2017 Economics Objective / Multiple Choice
Question 36 POST_UTME_UNN • 2017 • ECONOMICS • objective

Consider a perfectly competitive market with a large number of firms producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the equilibrium price and quantity in this market?

Answer Options

Correct Answer A. \( P = 10, Q = 100 \)
B. \( P = 20, Q = 50 \)
C. \( P = 30, Q = 0 \)
D. \( P = 40, Q = 200 \)
Correct Answer
A
Correct Option:
\( P = 10, Q = 100 \)

About This Question

This is Post Utme Unn 2017 Economics Question 36. It is one of the objective questions from the 2017 Post Utme Unn Economics examination.

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