Waec Model Questions Vol1 2023 Economics Question 40

Practice objective / multiple choice question 40 from the 2023 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2023 Economics Objective / Multiple Choice Easy Difficulty
Question 40 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • ECONOMICS • objective

The market demand for a good is Qd = 500 - 5P and the market supply is Qs = 100 + 3P, where Q is quantity and P is price (Naira). Find the equilibrium price and quantity.

Answer Options

A. Price = 40 Naira, Quantity = 300 units
B. Price = 60 Naira, Quantity = 200 units
C. Price = 50 Naira, Quantity = 200 units
Correct Answer D. Price = 50 Naira, Quantity = 250 units
Correct Answer
D
Correct Option:
Price = 50 Naira, Quantity = 250 units

About This Question

This is Waec Model Questions Vol1 2023 Economics Question 40. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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