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WAEC Economics 2022 Question 1

Question 1

Basic Concepts

Scale of preference shows

  1. A.incomes of consumers in order of size
  2. B.utilities enjoyed by consumers
  3. C.opportunity cost of goods consumed
  4. D.consumers' wants in order of priority
Show the answer and explanation

Answer: D (consumers' wants in order of priority)

Explanation

A scale of preference lists wants from the most to the least important.