Question : Other things being equal, a decrease in the quantity demanded of a commodity can be caused by:
Option 1: a rise in the price of the commodity.
Option 2: a rise in the income of the consumer.
Option 3: a fall in the price of a commodity.
Option 4: a fall in the income of the consumer.
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Correct Answer: a rise in the price of the commodity.
Solution : The correct option is a rise in the price of the commodity .
According to the law of demand, when a product's price grows, less of that commodity is desired, and as a commodity's price reduces, more of that commodity is demanded.
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