WAEC Economics 2024 Objective — Question 15

Question 15 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.

15. The negative slope of the demand curve is best explained by

A. consumer's choice.
B. increasing returns to scale.
C. diminishing returns to scale.
D. diminishing marginal utility.Correct

Explanation

The law of diminishing marginal utility explains why quantity and price are negatively related; as price falls, quantity demanded rises, giving the downward-sloping demand curve.

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