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JAMB Economics 2016 Question 28

Question 28

Theory of Demand

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

  1. A.demands at a given price at a point in time
  2. B.demands at a given price
  3. C.actually digests
  4. D.produces, gives its price
Show the answer and explanation

Answer: A (demands at a given price at a point in time)

Explanation

Demand is the quantity a consumer is willing and able to buy at a given price at a particular time.