NECO Economics 2024 Objective — Question 15
Question 15 of 50 from the National Examinations Council (NECO) Economics 2024 Objective paper, with the correct answer and a full explanation.
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The negative slope of the demand curve is best explained by
- A. A. consumers' choice
- B. B. increasing return
- C. C. diminishing return
- D. D. diminishing marginCorrect
Explanation
A downward (negative) slope of the demand curve indicates an inverse or opposite relationship between the price of commodity and the quantity demanded. This is best explained by diminishing marginal utility, i.e. both have resemblance.
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