Equilibrium Price And Quantity In Product And Factor Markets - Economics Jamb Past Questions and Answers

Question 26 :

• JAMB 2008

In the diagram above, there is an excess

A. Demand for 30 units
B. Supply of 40 units
C. Demand for 20 units
D. Supply of 20 units

Question 27 :

• JAMB 2008

Use the information below to answer this question.
Given that Q _d = 20 - 4P and Q = 6P + 12
Determine the equilibrium quantity

A. 14.2
B. 16.8
C. 20.8
D. 30.2

Question 28 :

• JAMB 2008

Use the information below to answer this question.
Given that Q _d = 20 - 4P and Q = 6P + 12
If price is increased to N3, how much is the excess supply?

A. 30
B. 22
C. 12
D. 8