Neco 2021 Economics Question 15

Practice objective / multiple choice question 15 from the 2021 Neco Economics examination.

Neco 2021 Economics Objective / Multiple Choice Easy Difficulty

Question 15 NECO • 2021 • ECONOMICS • objective

Given the demand function \(P = 100 - 5Q\) and the supply function \(P = 20 + 2Q\), find the market equilibrium price and quantity.

A. Equilibrium quantity \\(Q = \\frac{80}{8}\\) units, Equilibrium price \\(P = \\frac{300}{8}\\) (≈ 37.5).

B. Equilibrium quantity \\(Q = \\frac{80}{5}\\) units, Equilibrium price \\(P = \\frac{300}{5}\\) (≈ 60).

Correct Answer C. Equilibrium quantity \(Q = \frac{80}{7}\) units, Equilibrium price \(P = \frac{300}{7}\) (≈ 42.86).

D. Equilibrium quantity \\(Q = \\frac{80}{6}\\) units, Equilibrium price \\(P = \\frac{300}{6}\\) (≈ 50).

Correct Answer

Correct Option:

Equilibrium quantity \(Q = \frac{80}{7}\) units, Equilibrium price \(P = \frac{300}{7}\) (≈ 42.86).

This is Neco 2021 Economics Question 15. It is one of the objective questions from the 2021 Neco Economics examination.

Difficulty level: Easy .

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