Neco Model Questions Vol1 2020 Economics Question 41
Practice objective / multiple choice question 41 from the 2020 Neco Model Questions Vol1 Economics examination.
The market for a good is described by the demand equation \( Q_d = 120 - 2P \) and the supply equation \( Q_s = 20 + 3P \), where \(P\) is the price per unit and \(Q\) is quantity.\n(a) Find the equilibrium price and quantity.\n(b) The government imposes a price floor of \(P = 30\). Calculate the resulting surplus (excess supply) at this price.
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This is Neco Model Questions Vol1 2020 Economics Question 41. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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