Neco 2025 Economics Question 14

Practice objective / multiple choice question 14 from the 2025 Neco Economics examination.

Neco 2025 Economics Objective / Multiple Choice Easy Difficulty
Question 14 NECO • 2025 • ECONOMICS • objective

The market for rice is described by the demand equation \(Q_d = 500 - 2P\) and the supply equation \(Q_s = 3P - 30\), where \(Q\) is quantity in tonnes and \(P\) is price in naira per kilogram. Find the equilibrium price and quantity.

Answer Options

A. Equilibrium price = 100 naira\/kg, equilibrium quantity = 300 tonnes
Correct Answer B. Equilibrium price = 106 naira/kg, equilibrium quantity = 288 tonnes
C. Equilibrium price = 110 naira\/kg, equilibrium quantity = 280 tonnes
D. Equilibrium price = 95 naira\/kg, equilibrium quantity = 310 tonnes
Correct Answer
B
Correct Option:
Equilibrium price = 106 naira/kg, equilibrium quantity = 288 tonnes

About This Question

This is Neco 2025 Economics Question 14. It is one of the objective questions from the 2025 Neco Economics examination.

Difficulty level: Easy .

View More Neco 2025 Economics Questions More Neco Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support