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WAEC Agricultural Science 2010 Question 55

Question 55

Basic Agricultural Economics

The table below is a schedule for the market demand and supply of pumpkin.
Price (₦): 5, 10, 20, 30, 40
Quantity demanded (units): 110, 90, 60, 39, 20
Quantity supplied (units): 15, 35, 60, 88, 110
Determine the market surplus when the unit price of pumpkin rises to ₦40.00

  1. A.20
  2. B.60
  3. C.90
  4. D.110
Show the answer and explanation

Answer: C (90)

Explanation

At ₦40, supply is 110 and demand is 20, so the surplus is 110 − 20 = 90 units.