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JAMB Economics 1994 Question 20

Question 20

Price Determination

Price (N); quantity demanded; quantity supplied:
10; 50; 450
20; 150; 350
30; 250; 250
40; 350; 150
50; 450; 50
What is the equilibrium quantity?

  1. A.50
  2. B.250
  3. C.350
  4. D.450
Show the answer and explanation

Answer: B (250)

Explanation

At N30 quantity demanded (250) equals quantity supplied (250), so the equilibrium quantity is 250.