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JAMB Economics 2018 Objective — Question 16

Question 16 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2018 Objective paper, with the correct answer and a full explanation.

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Given that qd=40−4p and qs=12p–24, determine the equilibrium price

  • A. 2.25
  • B. 1
  • C. 2
  • D. 4Correct

Explanation

Setting qd=qs: 40−4p=12p−24 → 64=16p → p=4.

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