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WAEC Economics 2024 Question 10

Question 10

Theory of Demand

The law of demand will not hold when

  1. A.normal goods are involved.
  2. B.size of the population changes.
  3. C.rare commodities are involved.
  4. D.incomes of consumers increase.
Show the answer and explanation

Answer: C (rare commodities are involved.)

Explanation

Rare (prestige) goods may be bought more when their price rises, so the law of demand fails for them.