The demand and supply function of a commodity are given as below. Qd = 20…

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Economics WAEC 2009

The demand and supply function of a commodity are given as below.
Qd = 20 – 2p
Qs = 6p – 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is

  • 2 Naira
  • 4 Naira checkmark
  • 6 Naira
  • 20 Naira

The correct answer is: B

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