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WAEC Agricultural Science 2010 Question 56

Question 56

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
What is the equilibrium price of pumpkin?

  1. A.₦10
  2. B.₦20
  3. C.₦30
  4. D.₦40
Show the answer and explanation

Answer: B (₦20)

Explanation

At ₦20, quantity demanded (60) equals quantity supplied (60).