Gce Model Questions Vol1 2020 Economics Question 21

Practice objective / multiple choice question 21 from the 2020 Gce Model Questions Vol1 Economics examination.

Gce Model Questions Vol1 2020 Economics Objective / Multiple Choice Easy Difficulty
Question 21 GCE_MODEL_QUESTIONS_VOL1 • 2020 • ECONOMICS • objective

Given the demand equation \(Q_d = 120 - 2P\) and the supply equation \(Q_s = 20 + 3P\), where \(P\) is the price per unit and \(Q\) is quantity, determine the equilibrium price and equilibrium quantity.

Answer Options

A. Equilibrium price = £20, equilibrium quantity = 85 units
Correct Answer B. Equilibrium price = £20, equilibrium quantity = 80 units
C. Equilibrium price = £25, equilibrium quantity = 70 units
D. Equilibrium price = £15, equilibrium quantity = 90 units
Correct Answer
B
Correct Option:
Equilibrium price = £20, equilibrium quantity = 80 units

About This Question

This is Gce Model Questions Vol1 2020 Economics Question 21. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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