Neco 2022 Economics Question 3

Practice objective / multiple choice question 3 from the 2022 Neco Economics examination.

Neco 2022 Economics Objective / Multiple Choice Easy Difficulty
Question 3 NECO • 2022 • ECONOMICS • objective

The demand function for a good is \( Q_{d}=500-2P \) and the supply function is \( Q_{s}=3P-150 \), where \( P \) is the price per unit and \( Q \) is quantity. Find the equilibrium price and equilibrium quantity.

Answer Options

A. Equilibrium price = 100 Naira; Equilibrium quantity = 300 units
B. Equilibrium price = 150 Naira; Equilibrium quantity = 200 units
Correct Answer C. Equilibrium price = 130 Naira; Equilibrium quantity = 240 units
D. Equilibrium price = 120 Naira; Equilibrium quantity = 260 units
Correct Answer
C
Correct Option:
Equilibrium price = 130 Naira; Equilibrium quantity = 240 units

About This Question

This is Neco 2022 Economics Question 3. It is one of the objective questions from the 2022 Neco Economics examination.

Difficulty level: Easy .

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