Post Utme Unn 2018 Commerce Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Unn Commerce examination.

Post Utme Unn 2018 Commerce Objective / Multiple Choice

Question 1 POST_UTME_UNN • 2018 • 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 of a product in such a market?

A. (P = 10, Q = 100)

B. (P = 20, Q = 50)

Correct Answer C. (P = 15, Q = 75)

D. (P = 25, Q = 25)

Correct Answer

Correct Option:

(P = 15, Q = 75)

This is Post Utme Unn 2018 Commerce Question 1. It is one of the objective questions from the 2018 Post Utme Unn Commerce examination.

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