JAMB Economics 2023 Objective — Question 36

Question 36 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2023 Objective paper, with the correct answer and a full explanation.

Given Qs=5P−2 and Qd=19−(1/4)P, the equilibrium quantity is

A. (A) 18 UnitsCorrect
B. (B) 20 Units
C. (C) 4 Units
D. (D) 10 Units

Explanation

Substituting the equilibrium price P=#4 into Qs=5P-2 gives Qs=5(4)-2=18 units (which also satisfies Qd).

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