WAEC Economics 2024 Question 17

Question 17

Price Determination

The table below shows the supply and demand schedule for apples. Use it to answer the question.
Price ($) | Quantity demanded | Quantity supplied
10 | 50 | 25
20 | 35 | 35
30 | 20 | 45
40 | 5 | 55
At what price is excess supply equal to 25?

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

Answer: C ($30.)

Explanation

At $30: 45 − 20 = 25.