Questions and Answers
What does the quantity of a commodity that a consumer is willing to buy and is able to afford, given prices of goods and consumer’s tastes and preferences, refer to?
Consumer's demand for the commodity
What factors does the consumer's optimum bundle depend on?
Price of the good, prices of other goods, income, and preferences
What does the quantity of a good chosen by the consumer depend on?
Price of the good, prices of other goods, income, and preferences
What is likely to happen when one or more of the variables related to consumer choice change?
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What does the consumer's demand for a commodity depend on?
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