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JAMB Economics 2006 Question 15

Question 15

Theory of Demand

A commodity will be demanded only if

  1. A.consumers' income increases
  2. B.it has no close substitutes
  3. C.the price is low
  4. D.it has utility
Show the answer and explanation

Answer: D (it has utility)

Explanation

People only want a good if it gives satisfaction (utility); without utility there is no demand at any price.