JAMB Economics 2014 Objective — Question 8
Question 8 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.
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Given that Qd=40−2p and Qs=6P+24, calculate the equilibrium price.
- A. #16
- B. #4
- C. #2Correct
- D. #36
Explanation
Setting Qd=Qs: 40−2p=6p+24 ⟹ 16=8p ⟹ p=#2.
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