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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
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Correct Answer: Option C
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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