In economic terms, which of the following factors determine the ‘Individual’s demand’ of a product/commodity?
(A) Price of a commodity
(B) Income of the consumer
(C) Taste and Preference of consumer
(D) All options are correct.
Correct Answer : All options are correct.
Question Asked : SSC Junior Engineer (Civil) Exam 2018
Explanation : An important factor which determines the demand for a good is the tastes and preferences of the consumers for it. The demand for goods also depends upon the incomes of the people. The demand changes as a result of changes in price, other factors determining it being held constant.
....Read more
Useful Quotations for : UPSC, State PSC, IBPS, SSC, Railway, NDA, Police Exams
Like The Facebook Page
CurrentGK for
Current Affairs, Latest GK &
Employment News
Tags : Microeconomics
