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WAEC Economics 2022 Question 50

Question 50

Theory of Demand

If petrol is no longer needed to produce energy, then demand for crude oil

  1. A.will increase
  2. B.will remain constant
  3. C.may be limited to chemical industries
  4. D.will make producing countries richer
Show the answer and explanation

Answer: C (may be limited to chemical industries)

Explanation

Crude oil's demand is derived; without fuel use it would be wanted mainly for chemicals.