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

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

Explanation

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn.
Previous Question Next Question

Leave A Comment