Neco 2023 Economics Question 45

Practice objective / multiple choice question 45 from the 2023 Neco Economics examination.

Neco 2023 Economics Objective / Multiple Choice Easy Difficulty

Question 45 NECO • 2023 • 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 \(P\) is the price (in naira) and \(Q\) is quantity. Find the equilibrium price and equilibrium quantity.

Correct Answer A. Price = ₦50; Quantity = 250

B. Price = ₦45; Quantity = 275

C. Price = ₦40; Quantity = 300

D. Price = ₦60; Quantity = 200

Correct Answer

Correct Option:

Price = ₦50; Quantity = 250

This is Neco 2023 Economics Question 45. It is one of the objective questions from the 2023 Neco Economics examination.

Difficulty level: Easy .

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