Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is?

By: |Published on: May 23|Categories: Economics WAEC| 0 comments

The demand and supply function of a commodity is given as below.

Qd = 20 – 2p
Qs = 6p – 12

A. 2 Naira
B. 4 Naira
C. 6 Naira
D. 20 Naira

Correct Answer: Option B

B. 4 Naira

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