Waec Model Questions Vol1 2020 Economics Question 3

Practice objective / multiple choice question 3 from the 2020 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2020 Economics Objective / Multiple Choice Easy Difficulty

Question 3 WAEC_MODEL_QUESTIONS_VOL1 • 2020 • ECONOMICS • objective

The demand for a good is given by Qd = 500 - 4P and the supply by Qs = 2P - 20, where P is the price per unit in naira and Q is quantity. Find the equilibrium price and quantity (round to one decimal place).

Answer Options

A. P = 90.0 naira; Q = 160.0 units

Correct Answer B. P = 86.7 naira; Q = 153.3 units

C. P = 80.0 naira; Q = 140.0 units

D. P = 75.5 naira; Q = 120.5 units

Correct Answer

Correct Option:

P = 86.7 naira; Q = 153.3 units

About This Question

This is Waec Model Questions Vol1 2020 Economics Question 3. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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