JAMB Economics 2023 Objective — Question 35
Question 35 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2023 Objective paper, with the correct answer and a full explanation.
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Given Qs=5P−2 and Qd=19−(1/4)P, the equilibrium price is
- A. (A) #20
- B. (B) #22
- C. (C) #10
- D. (D) #4Correct
Explanation
Setting Qs=Qd: 5P-2 = 19-¼P. Solving gives 5¼P = 21, so P = #4.
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