Post Utme Veritas University 2022 Economics Question 21

Practice objective / multiple choice question 21 from the 2022 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2022 Economics Objective / Multiple Choice
Question 21 POST_UTME_VERITAS_UNIVERSITY • 2022 • ECONOMICS • objective

Determine the equilibrium price and quantity of a competitive market for a product with the following demand and supply functions: Qd = 100 - 2P, Qs = 50 + 3P.

Answer Options

A. ₦150, 200 units
Correct Answer B. ₦120, 150 units
C. ₦180, 250 units
D. ₦200, 300 units
Correct Answer
B
Correct Option:
₦120, 150 units

About This Question

This is Post Utme Veritas University 2022 Economics Question 21. It is one of the objective questions from the 2022 Post Utme Veritas University Economics examination.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support