Neco 2020 Economics Question 10

Practice objective / multiple choice question 10 from the 2020 Neco Economics examination.

Neco 2020 Economics Objective / Multiple Choice Easy Difficulty
Question 10 NECO • 2020 • ECONOMICS • objective

Given the demand equation \(Q_d = 500 - 5P\) and supply equation \(Q_s = 100 + 3P\), find the equilibrium price (in dollars) and equilibrium quantity.

Answer Options

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

About This Question

This is Neco 2020 Economics Question 10. It is one of the objective questions from the 2020 Neco Economics examination.

Difficulty level: Easy .

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