Question : Commodity demand refers to:
Option 1: Requirement for the commodity
Option 2: Want for the commodity
Option 3: Quantity of the commodity demanded at a specific price and at a specific time
Option 4: The quantity of that commodity demanded
Correct Answer: Quantity of the commodity demanded at a specific price and at a specific time
Solution : Commodity demand refers to the quantity of the commodity demanded at a specific price and at a specific time. It means the total amount of a good or service that consumers demand over a given period of time. Quantity demanded depends on the price of a good or service in a marketplace. Hence option c is the correct answer.
Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is ____?
Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is?
Question : The law of demand states that:
Question : If the price elasticity of demand for a good is 1.2, then a 10% decrease in price will result in a:
Question : If the price elasticity of demand for a good is -0.5, then a 10% increase in price will result in a:
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