WAEC Economics 2025 Objective — Question 8
Question 8 of 51 from the West African Examinations Council (WAEC) Economics 2025 Objective paper, with the correct answer and a full explanation.
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Commodities with negative income elasticities of demand are categorized as
- A. inferior goods.Correct
- B. normal goods.
- C. substitute goods.
- D. complementary goods.
Explanation
Inferior goods have negative income elasticity because demand for them falls as income rises.
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