Post Utme Veritas University 2019 Economics Question 10

Practice objective / multiple choice question 10 from the 2019 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2019 Economics Objective / Multiple Choice
Question 10 POST_UTME_VERITAS_UNIVERSITY • 2019 • ECONOMICS • objective

Consider a market with a demand function given by \( Q_d = 150 - 3P \) and a supply function given by \( Q_s = 3P - 30 \). If the market is in equilibrium, what is the price and quantity?

Answer Options

A. \( P = 40, Q = 50 \)
Correct Answer B. \( P = 30, Q = 60 \)
C. \( P = 50, Q = 40 \)
D. \( P = 60, Q = 30 \)
Correct Answer
B
Correct Option:
\( P = 30, Q = 60 \)

About This Question

This is Post Utme Veritas University 2019 Economics Question 10. It is one of the objective questions from the 2019 Post Utme Veritas University Economics examination.

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