WAEC Economics 2024 Objective — Question 10
Question 10 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.
Advertisement
10. The law of demand will not hold when
- A. normal goods are involved.
- B. the size of the population changes.
- C. rare commodities are involved.Correct
- D. incomes of consumers increase.
Explanation
The law of demand applies to normal commodities; it is not applicable to rare (e.g. prestige/Giffen-type) commodities.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.