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WAEC Economics 2025 Question 14

Question 14

Elasticity

The demand curve for a necessary good without any substitute is usually

  1. A.negatively sloped.
  2. B.vertically sloped.
  3. C.positively sloped.
  4. D.horizontally sloped.
Show the answer and explanation

Answer: A (negatively sloped.)

Explanation

Even for a necessity, people buy a little less when the price rises, so the curve still slopes downward (steeply).