Neco 2018 Economics Question 7
Practice objective / multiple choice question 7 from the 2018 Neco Economics examination.
In a competitive market, the equilibrium price of wheat is \(\text{₦}150\) per kg and the equilibrium quantity is 500 kg. The government imposes a price ceiling of \(\text{₦}120\) per kg. At this ceiling, the quantity demanded rises to 700 kg while the quantity supplied falls to 300 kg. What is the size of the shortage created by the price ceiling (in kg)?
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About This Question
This is Neco 2018 Economics Question 7. It is one of the objective questions from the 2018 Neco Economics examination.
Difficulty level: Easy .
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