Neco 2022 Economics Question 50

Practice objective / multiple choice question 50 from the 2022 Neco Economics examination.

Neco 2022 Economics Objective / Multiple Choice Easy Difficulty
Question 50 NECO • 2022 • ECONOMICS • objective

The market for a certain good is described by the linear demand equation \(Q_{d}=500-5P\) and the linear supply equation \(Q_{s}=100+3P\), where \(Q\) is quantity and \(P\) is price (in naira). Determine the equilibrium price and the equilibrium quantity.

Answer Options

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

About This Question

This is Neco 2022 Economics Question 50. It is one of the objective questions from the 2022 Neco Economics examination.

Difficulty level: Easy .

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