Question
Other things being equal, a decrease in quantity demanded of a commodity can be caused by
Answer: Option B
Answer: (b)
In economics, the law states that all else being equal, as the price of a product increases, quantity demanded falls; likewise, as the price of a product decreases, quantity demanded increases.
So basically the quantity demanded and the price of a commodity is inversely related, other things remaining constant.
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Answer: (b)
In economics, the law states that all else being equal, as the price of a product increases, quantity demanded falls; likewise, as the price of a product decreases, quantity demanded increases.
So basically the quantity demanded and the price of a commodity is inversely related, other things remaining constant.
Was this answer helpful ?
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