Post Utme Wellspring University 2017 Economics Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Wellspring University Economics examination.

Post Utme Wellspring University 2017 Economics Objective / Multiple Choice
Question 31 POST_UTME_WELLSPRING_UNIVERSITY • 2017 • ECONOMICS • objective

A perfectly competitive market has a downward-sloping demand curve and a horizontal supply curve. What is the equilibrium price and quantity?

Answer Options

A. The equilibrium price is the price at which the quantity demanded equals the quantity supplied.
B. The equilibrium quantity is the quantity at which the demand curve intersects the supply curve.
Correct Answer C. The equilibrium price is the price at which the demand curve intersects the supply curve.
D. The equilibrium quantity is the quantity at which the demand curve intersects the supply curve.
Correct Answer
C
Correct Option:
The equilibrium price is the price at which the demand curve intersects the supply curve.

About This Question

This is Post Utme Wellspring University 2017 Economics Question 31. It is one of the objective questions from the 2017 Post Utme Wellspring University Economics examination.

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