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The need for an item backed by the ability to pay by a consumer is

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WAEC 2023

The need for an item backed by the ability to pay by a consumer is

  • A. utility
  • B. want
  • C. demand
  • D. exchange
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Correct Answer: Option C
Explanation

Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to payt a specific price for them.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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