2014 · Q60
Which of the following factors affects individuals’ demand for a commodity?
- 1Price of the commodity
- 2Income of the consumer
- 3Prices of related goods
Select the correct answer using the codes given below. Code
indian-polity-economyeconomy-fundamentals
- A1 and 2
- B2 and 3
- C1, 2 and 3
- DOnly 1
Explanation
An individual's demand for a commodity depends on its price, the consumer's income and the prices of related goods - all three factors are correct.