Waec Model Questions Vol1 2024 Economics Question 48

Practice objective / multiple choice question 48 from the 2024 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2024 Economics Objective / Multiple Choice Easy Difficulty
Question 48 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • ECONOMICS • objective

The market for bottled water is described by the demand equation Qd = 120 - 2P and the supply equation Qs = 20 + P, where Q is quantity in thousands of litres and P is price in naira per litre. Determine the equilibrium price and quantity.

Answer Options

A. Price = 110/3 naira, Quantity = 170/3 thousand litres
B. Price = 95/3 naira, Quantity = 155/3 thousand litres
C. Price = 90/3 naira, Quantity = 180/3 thousand litres
Correct Answer D. Price = 100/3 naira, Quantity = 160/3 thousand litres
Correct Answer
D
Correct Option:
Price = 100/3 naira, Quantity = 160/3 thousand litres

About This Question

This is Waec Model Questions Vol1 2024 Economics Question 48. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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