Neco Model Questions Vol1 2018 Economics Question 24

Practice objective / multiple choice question 24 from the 2018 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2018 Economics Objective / Multiple Choice Easy Difficulty
Question 24 NECO_MODEL_QUESTIONS_VOL1 • 2018 • ECONOMICS • objective

Given the linear demand equation \(Q_d = 500 - 5P\) and supply equation \(Q_s = 100 + 3P\), where \(P\) is price in naira and \(Q\) is quantity, determine the equilibrium price and quantity.

Answer Options

A. Price = ₦45, Quantity = 225 units
B. Price = ₦40, Quantity = 200 units
C. Price = ₦55, Quantity = 265 units
Correct Answer D. Price = ₦50, Quantity = 250 units
Correct Answer
D
Correct Option:
Price = ₦50, Quantity = 250 units

About This Question

This is Neco Model Questions Vol1 2018 Economics Question 24. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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