JAMB Economics 2012 Objective — Question 7
Question 7 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2012 Objective paper, with the correct answer and a full explanation.
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If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
- A. consumers' income
- B. demand
- C. consumers' tastes
- D. quantity demandedCorrect
Explanation
Since the change is caused by a change in price and not any other factor, it is termed change in quantity demanded.
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