A. 303
B. 30
C. 114
D. 33
Correct Answer: Option D
D. 33
Explanation
To find quantity demanded when p = ₦18
Qd = 7p – 12
7(18) – 12
126 – 12
Qd = 114units
To find quantity supplies at ₦18
Qs = 4p + 9
4(18) + 9
Qs = 72 + 9
Qs = 81 units
To find the magnitude of excess demand
Excess demand = 114 – 81 = 33 units
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