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WAEC Economics 2020 Question 11

Question 11

Theory of Demand

Goods that are abundant in supply usually have low

  1. A.total utility.
  2. B.marginal utility.
  3. C.average utility.
  4. D.time utility.
Show the answer and explanation

Answer: B (marginal utility.)

Explanation

When a good is plentiful, an extra unit adds little satisfaction: low marginal utility (e.g. water).