WAEC Economics 2013 Objective — Question 39

Question 39 of 50 from the West African Examinations Council (WAEC) Economics 2013 Objective paper, with the correct answer and a full explanation.

If a commodity has a high marginal utility, its market price will be

A. stable
B. highCorrect
C. zero
D. constant

Explanation

Marginal utility is the additional satisfaction from an extra unit consumed. When marginal utility is high, consumers are willing to pay a high price.

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