Post Utme Afe Babalola University 2023 General Studies Question 20

Practice objective / multiple choice question 20 from the 2023 Post Utme Afe Babalola University General Studies examination.

Post Utme Afe Babalola University 2023 General Studies Objective / Multiple Choice
Question 20 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2023 • GENERAL STUDIES • objective
Post Utme Afe Babalola University 2023 General Studies Question 20 diagram

A diagram shows a simple graph of the relationship between the price of a commodity and the quantity demanded. The graph shows a negative relationship between the two variables. What is the most likely explanation for this relationship?

Answer Options

Correct Answer A. The law of supply and demand
B. The concept of diminishing marginal utility
C. The idea of consumer surplus
D. The concept of opportunity cost
Correct Answer
A
Correct Option:
The law of supply and demand

About This Question

This is Post Utme Afe Babalola University 2023 General Studies Question 20. It is one of the objective questions from the 2023 Post Utme Afe Babalola University General Studies examination.

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