Effective demand for a commodity is desire for that commodity backed by_______
ECONOMICS
JAMB 2019
Effective demand for a commodity is desire for that commodity backed by_______
- A. a wish for the lowest possible price
- B. ability and willingness to pay
- C. cash in one's pocket
- D. a promise to make payment
Correct Answer: B. ability and willingness to pay
Explanation
Effective demand is the desire, backed by willingness and ability, to buy at a given price.
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