JAMB Economics 2011 Objective — Question 7
Question 7 of 49 from the Joint Admissions and Matriculation Board (JAMB) Economics 2011 Objective paper, with the correct answer and a full explanation.
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Demand patterns are determined by the market on the basis of
- A. A. consumer sovereignty
- B. B. consumer rationality
- C. C. price of the commodityCorrect
- D. D. scale of preference
Explanation
The price that consumers are willing to pay for a commodity shows how much they want it, hence the pattern of demand is determined by the price of the commodity.
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