WAEC Economics 2022 Objective — Question 7
Question 7 of 50 from the West African Examinations Council (WAEC) Economics 2022 Objective paper, with the correct answer and a full explanation.
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The demand curve for goods of ostentation is usually
- A. negatively sloped
- B. positively slopedCorrect
- C. vertical
- D. horizontal
Explanation
Goods of ostentation (status/luxury/Veblen goods) have a positively sloped demand curve — demand increases as price rises, since people demand more of it if the price rises (ostentation goods being goods that people demand more of when their prices rise, giving a positive gradient).
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