Economics: Factors Influencing Demand
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Questions and Answers

Which of the following is NOT a factor that influences demand?

  • Cost of other commodity
  • Price of the commodity (correct)
  • Availability of substitutes
  • Consumer's income

    • What is the term for the change in the quantity demanded of a commodity due to a change in the price of a related commodity?

  • Complementary effect
  • Cross-price effect (correct)
  • Substitution effect
  • Income effect

    • Which of the following factors influences demand, but does not directly affect the quantity demanded?

  • Consumer's income
  • Tastes and preferences (correct)
  • Price of the commodity
  • Availability of credit

    • What is the relationship between the demand for a commodity and the price of its substitutes?

    <p>Inversely proportional</p> Signup and view all the answers

    Which of the following is a factor that influences demand, particularly for normal goods?

    <p>Consumer's income</p> Signup and view all the answers

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