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JAMB Economics 2006 Question 24

Question 24

Theory of Demand

The law of demand can be expressed as

  1. A.Qd = f(P)
  2. B.Qd = f(1/P)
  3. C.P = f(1/Qd)
  4. D.P = f(Qd)
Show the answer and explanation

Answer: A (Qd = f(P))

Explanation

Quantity demanded depends on price, written as the demand function Qd = f(P).