Neco 2025 Economics Question 2

Practice objective / multiple choice question 2 from the 2025 Neco Economics examination.

Neco 2025 Economics Objective / Multiple Choice Easy Difficulty
Question 2 NECO • 2025 • ECONOMICS • objective

The market demand for a good is given by \( Q_d = 500 - 5P \) and the market supply is \( Q_s = 20P - 100 \), where \(P\) is the price in naira and \(Q\) is quantity. Find the equilibrium price and quantity.

Answer Options

A. Equilibrium price = ₦30; Equilibrium quantity = 450 units
B. Equilibrium price = ₦20; Equilibrium quantity = 300 units
C. Equilibrium price = ₦22; Equilibrium quantity = 340 units
Correct Answer D. Equilibrium price = ₦24; Equilibrium quantity = 380 units
Correct Answer
D
Correct Option:
Equilibrium price = ₦24; Equilibrium quantity = 380 units

About This Question

This is Neco 2025 Economics Question 2. It is one of the objective questions from the 2025 Neco Economics examination.

Difficulty level: Easy .

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