Neco Model Questions Vol1 2020 Economics Question 10

Practice objective / multiple choice question 10 from the 2020 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2020 Economics Objective / Multiple Choice Easy Difficulty
Question 10 NECO_MODEL_QUESTIONS_VOL1 • 2020 • ECONOMICS • objective

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

Answer Options

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

About This Question

This is Neco Model Questions Vol1 2020 Economics Question 10. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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