Neco 2017 Economics Question 32

Practice objective / multiple choice question 32 from the 2017 Neco Economics examination.

Neco 2017 Economics Objective / Multiple Choice Easy Difficulty
Question 32 NECO • 2017 • ECONOMICS • objective

In the rice market, the demand function is \(Q_d = 500 - 5P\) and the supply function is \(Q_s = 100 + 3P\), where \(Q\) is quantity in tonnes and \(P\) is price in Naira per tonne. Determine the equilibrium price and quantity.

Answer Options

A. Price = 45 Naira per tonne, Quantity = 275 tonnes
B. Price = 60 Naira per tonne, Quantity = 200 tonnes
Correct Answer C. Price = 50 Naira per tonne, Quantity = 250 tonnes
D. Price = 40 Naira per tonne, Quantity = 300 tonnes
Correct Answer
C
Correct Option:
Price = 50 Naira per tonne, Quantity = 250 tonnes

About This Question

This is Neco 2017 Economics Question 32. It is one of the objective questions from the 2017 Neco Economics examination.

Difficulty level: Easy .

View More Neco 2017 Economics Questions More Neco 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