EconomicsTheory of price determinationJAMB
The demand and supply functions of a good are Qd = 100 − 2P and Qs = 20 + 2P. Find the equilibrium price.
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Answer: B. ₦20
100 − 2P = 20 + 2P gives 4P = 80, so P = ₦20 (and Q = 60).
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.