Waec Model Questions Vol1 2018 Economics Question 48
Practice objective / multiple choice question 48 from the 2018 Waec Model Questions Vol1 Economics examination.
In a perfectly competitive wheat market the equilibrium price is N500 per tonne and the equilibrium quantity is 2,000 tonnes. The market demand curve is Q_d = 3,000 - 2P and the supply curve is Q_s = 1,500 + P, where P is the price in Naira per tonne and Q is quantity in tonnes. The government imposes a price ceiling of N450 per tonne. Calculate the dead‑weight loss (in Naira) resulting from this price ceiling.
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About This Question
This is Waec Model Questions Vol1 2018 Economics Question 48. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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