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WAEC Economics 2026 Question 22

Question 22

Theory of Demand

If the demand for a product is described as derived, it means that

  1. A.it is used in the production of other goods
  2. B.it must be combined with another good to satisfy a want
  3. C.consumers' preference for the good is high
  4. D.its demand increases with an increase in its price
Show the answer and explanation

Answer: A (it is used in the production of other goods)

Explanation

Derived demand comes from the demand for what the product helps to make.