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WAEC Economics 2024 Question 15

Question 15

Theory of Demand

The negative slope of the demand curve is best explained by

  1. A.consumers' choice.
  2. B.increasing returns to scale.
  3. C.diminishing returns to scale.
  4. D.diminishing marginal utility.
Show the answer and explanation

Answer: D (diminishing marginal utility.)

Explanation

Each extra unit gives less satisfaction, so people buy more only at lower prices.