JAMB Economics 2017 Objective — Question 3
Question 3 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2017 Objective paper, with the correct answer and a full explanation.
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Given that Qd = 10-2p while Qs=5x3p, if P=N1 determine the equilibrium quantity
- A. 7Correct
- B. 6
- C. 5
- D. 8
Explanation
Qd=10-2p, Qs=5x3p. With p=N1: Qd=10-2(1)=8, Qs=15; equilibrium quantity = 7.
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