Waec Model Questions Vol1 2023 Economics Question 44

Practice objective / multiple choice question 44 from the 2023 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2023 Economics Objective / Multiple Choice Medium Difficulty
Question 44 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • ECONOMICS • objective

A market is described by the linear demand curve P = 100 - 2Q and the total cost function TC = 20Q + 0.5Q², where P is price (₦) and Q is quantity.\n(a) Determine the profit‑maximising output and price for a monopoly.\n(b) Determine the competitive equilibrium output and price if the market were perfectly competitive. Provide your answers as (output, price) pairs.

Answer Options

A. (Monopoly: 14, 72; Competitive: 25, 50)
B. (Monopoly: 20, 60; Competitive: 22.22, 55.56)
C. (Monopoly: 18, 64; Competitive: 30, 40)
Correct Answer D. (Monopoly: 16, 68; Competitive: 26.67, 46.67)
Correct Answer
D
Correct Option:
(Monopoly: 16, 68; Competitive: 26.67, 46.67)

About This Question

This is Waec Model Questions Vol1 2023 Economics Question 44. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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