Neco 2020 Economics Question 20

Practice objective / multiple choice question 20 from the 2020 Neco Economics examination.

Neco 2020 Economics Objective / Multiple Choice Easy Difficulty
Question 20 NECO • 2020 • ECONOMICS • objective

The demand for a product is given by \(Q_d = 500 - 5P\) and supply by \(Q_s = 2P + 20\), where \(Q\) is quantity and \(P\) is price in Naira. Find the equilibrium price and quantity.

Answer Options

A. Price \approx 50.00 Naira; Quantity \approx 120.00 units
Correct Answer B. Price \approx 68.57 Naira; Quantity \approx 157.14 units
C. Price \approx 80.00 Naira; Quantity \approx 180.00 units
D. Price \approx 96.00 Naira; Quantity \approx 212.00 units
Correct Answer
B
Correct Option:
Price \approx 68.57 Naira; Quantity \approx 157.14 units

About This Question

This is Neco 2020 Economics Question 20. It is one of the objective questions from the 2020 Neco Economics examination.

Difficulty level: Easy .

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