Question : How do consumer tastes and preferences affect a commodity's demand directly?
Option 1: Changes in the Supply of a commodity
Option 2: Changes in the Consumer’s behavior
Option 3: Changes in the price of the overall market
Option 4: Changes in Fashion
Correct Answer: Changes in Fashion
Solution : A commodity's demand is also influenced by consumer tastes and preferences. It increases when the consumer's tastes and inclinations change favorably, and vice versa. It changes with fashion. Hence option d is the correct answer.
Question : The elasticity of demand is the degree of responsiveness of demand for a commodity to a ___________.
Question : The market equilibrium for a commodity is determined by:
Question : Law of Demand states that there is a negative relationship between ______.
Question : If a consumer's demand for a good moves in the same direction as the consumer's income, the consumer's demand for that good must be inversely related to the price of the good, which is called _____.
Question : If a consumer's income rises or the price of a complementary good falls, the-
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile