A change in the quantity demanded of a given commodity is determined by the
ECONOMICS
WAEC 2014
A change in the quantity demanded of a given commodity is determined by the
- A. size of the population
- B. income of the consumer
- C. price of the commodity
- D. taste and fashion
Correct Answer: C. price of the commodity
Explanation
A movement along a given demand curve caused by a change in demand price. The only factor that can cause a change in quantity demanded is price. A related, but distinct, concept is a change in demand. This change in quantity demanded is caused by a change in the demand price.
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