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WAEC Economics 2004 Question 7

Question 7

Basic Concepts

An economic good is described as a good which

  1. A.yields utility and commands a price
  2. B.is useful and occupies a space
  3. C.is in high demand and transferable
  4. D.has unlimited supply
Show the answer and explanation

Answer: A (yields utility and commands a price)

Explanation

An economic good is scarce, gives satisfaction (utility) and so has a price.