Gce Model Questions Vol1 2019 Economics Question 45

Practice objective / multiple choice question 45 from the 2019 Gce Model Questions Vol1 Economics examination.

Gce Model Questions Vol1 2019 Economics Objective / Multiple Choice Easy Difficulty
Question 45 GCE_MODEL_QUESTIONS_VOL1 • 2019 • ECONOMICS • objective

The market demand for a good is \(Q_d = 200 - 5P\) and the market supply is \(Q_s = 20 + 3P\), where \(P\) is price in £ and \(Q\) is quantity. Find the equilibrium price and quantity.

Answer Options

A. Equilibrium price £20, equilibrium quantity 80 units
Correct Answer B. Equilibrium price £22.5, equilibrium quantity 87.5 units
C. Equilibrium price £25, equilibrium quantity 95 units
D. Equilibrium price £22.5, equilibrium quantity 85 units
Correct Answer
B
Correct Option:
Equilibrium price £22.5, equilibrium quantity 87.5 units

About This Question

This is Gce Model Questions Vol1 2019 Economics Question 45. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Economics examination.

Difficulty level: Easy .

View More Gce Model Questions Vol1 2019 Economics Questions More Gce Model Questions Vol1 Practice Questions Back to Questions

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