Neco Model Questions Vol1 2023 Economics Question 20

Practice objective / multiple choice question 20 from the 2023 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2023 Economics Objective / Multiple Choice Easy Difficulty

Question 20 NECO_MODEL_QUESTIONS_VOL1 • 2023 • ECONOMICS • objective

The market demand function is \(Q_d = 500 - 5P\) and the supply function is \(Q_s = 3P - 30\), where \(P\) is price in naira. Find the equilibrium price and quantity.

Answer Options

Correct Answer A. Price = 66.25; Quantity = 168.75

B. Price = 60.00; Quantity = 200.00

C. Price = 65.00; Quantity = 175.00

D. Price = 70.00; Quantity = 150.00

Correct Answer

Correct Option:

Price = 66.25; Quantity = 168.75

About This Question

This is Neco Model Questions Vol1 2023 Economics Question 20. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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