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WAEC Economics 1988 Question 6

Question 6

Theory of Demand

A normal demand curve

  1. A.is concave to the point of origin
  2. B.is convex to the point of origin
  3. C.is parallel to X axis.
  4. D.is parallel to Y axis.
  5. E.slopes upwards from left to right.
Show the answer and explanation

Answer: B (is convex to the point of origin)

Explanation

A normal demand curve slopes downward from left to right and bows in towards the origin, i.e. it is convex to the origin.