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Questions and Answers
Which of the following is NOT a factor that influences demand?
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?
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?
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?
What is the relationship between the demand for a commodity and the price of its substitutes?
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Which of the following is a factor that influences demand, particularly for normal goods?
Which of the following is a factor that influences demand, particularly for normal goods?
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