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WAEC Economics 2017 Question 7

Question 7

Theory of Demand

The difference between demand and wants is in

  1. A.desire for the commodity.
  2. B.significance of the commodity.
  3. C.ability to pay for the commodity.
  4. D.economic value of the commodity.
Show the answer and explanation

Answer: C (ability to pay for the commodity.)

Explanation

Demand is a want backed by the ability to pay.