NECO Economics 2022 Objective — Question 7

Question 7 of 50 from the National Examinations Council (NECO) Economics 2022 Objective paper, with the correct answer and a full explanation.

The demand curve for goods of ostentation is usually

A. negatively sloped
B. positively slopedCorrect
C. vertical
D. horizontal

Explanation

Goods of ostentation (luxuries, Veblen goods) are rare and command respect for users; demand rises as price rises, giving a positively sloped demand curve.

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