Question on: JAMB Economics - 2024
A downward sloping demand curve means that:
A
price must be lowered to sell more
B
total revenue declines as price is lowered
C
demand falls as output increases
D
demand falls as output falls
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Correct Option: B
A downward sloping demand curve shows an inverse relationship between price and quantity demanded.
As price decreases, quantity demanded increases.
Therefore, the correct interpretation is that price must be lowered to sell more.
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