Neco 2021 Economics Question 41
Practice objective / multiple choice question 41 from the 2021 Neco Economics examination.
The market for rice is described by the demand equation \( Q_d = 500 - 5P \) and the supply equation \( Q_s = 100 + 3P \), where \(P\) is the price in naira and \(Q\) is quantity in tonnes. The government imposes a price ceiling of \(P = 80\) naira per tonne. Determine whether a shortage or a surplus results and calculate its magnitude.
Answer Options
About This Question
This is Neco 2021 Economics Question 41. It is one of the objective questions from the 2021 Neco Economics examination.
Difficulty level: Easy .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.