Neco Model Questions Vol1 2017 Economics Question 11

Practice objective / multiple choice question 11 from the 2017 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2017 Economics Objective / Multiple Choice Easy Difficulty
Question 11 NECO_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • objective

The market for widgets is described by the linear demand equation \( Q_d = 500 - 5P \) and the linear supply equation \( Q_s = 2P - 20 \), where \(P\) is the price per widget (in naira) and \(Q\) is the quantity demanded or supplied. Determine the equilibrium price and the equilibrium quantity.

Answer Options

A. Price = 520/8 naira, Quantity = 900/8 units
B. Price = 520/5 naira, Quantity = 900/5 units
C. Price = 520/6 naira, Quantity = 900/6 units
Correct Answer D. Price = 520/7 naira, Quantity = 900/7 units
Correct Answer
D
Correct Option:
Price = 520/7 naira, Quantity = 900/7 units

About This Question

This is Neco Model Questions Vol1 2017 Economics Question 11. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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