WAEC Economics 2020 Objective — Question 11
Question 11 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
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Goods that are abundant in supply usually have low
- A. total utility
- B. marginal utilityCorrect
- C. average utility
- D. time utility
Explanation
When goods are abundant, the marginal utility (additional satisfaction from one more unit) tends to be low, since wants are already largely satisfied.
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