Neco Model Questions Vol1 2017 Economics Question 10

Practice objective / multiple choice question 10 from the 2017 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2017 Economics Objective / Multiple Choice Easy Difficulty
Question 10 NECO_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • objective

The demand for a product is given by \(Q_d = 500 - 5P\) and the supply by \(Q_s = 100 + 3P\), where \(P\) is the price in naira and \(Q\) is quantity. Find the equilibrium price and equilibrium quantity.

Answer Options

A. Equilibrium price = ₦45; Equilibrium quantity = 275 units
Correct Answer B. Equilibrium price = ₦50; Equilibrium quantity = 250 units
C. Equilibrium price = ₦40; Equilibrium quantity = 300 units
D. Equilibrium price = ₦60; Equilibrium quantity = 200 units
Correct Answer
B
Correct Option:
Equilibrium price = ₦50; Equilibrium quantity = 250 units

About This Question

This is Neco Model Questions Vol1 2017 Economics Question 10. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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