Neco 2023 Economics Question 11
Practice objective / multiple choice question 11 from the 2023 Neco Economics examination.
The market for wheat is described by the demand equation \( Q_d = 500 - 5P \) and the supply equation \( Q_s = 3P \), where \(Q\) is quantity in tonnes and \(P\) is price per tonne in naira. The government imposes a price ceiling of \(\text{₦}50\) per tonne. Assuming the ceiling is binding, determine the resulting shortage (in tonnes).
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About This Question
This is Neco 2023 Economics Question 11. It is one of the objective questions from the 2023 Neco Economics examination.
Difficulty level: Easy .
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