Post Utme Veritas University 2022 Economics Question 6

Practice objective / multiple choice question 6 from the 2022 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2022 Economics Objective / Multiple Choice
Question 6 POST_UTME_VERITAS_UNIVERSITY • 2022 • ECONOMICS • objective

Consider a perfectly competitive market with n firms, each 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

A. \( P = 10, Q = 100 \)
B. \( P = 20, Q = 50 \)
Correct Answer C. \( P = 15, Q = 75 \)
D. \( P = 25, Q = 40 \)
Correct Answer
C
Correct Option:
\( P = 15, Q = 75 \)

About This Question

This is Post Utme Veritas University 2022 Economics Question 6. It is one of the objective questions from the 2022 Post Utme Veritas University Economics examination.

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