If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to
ECONOMICS
JAMB 2012
If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
- A. consumers' income
- B. demand
- C. consumers' tastes
- D. quantity damanded
Correct Answer: D. quantity damanded
Explanation
A change in quantity demanded refers to a change in the specific quantity of a product that buyers are willing and able to buy usually caused by a change in the price. From the question above, a rise in prise led to a corresponding change in the quantity demanded from 250 to 200 units.
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