Homework Answers
Ans. b) The price of the commodity
Other factors constant, when the price of the commodity increases, the quantity demanded of the commodity decreases and when the price of the commodity decreases, the quantity demanded of the commodity increases. Therefore, there is a negative relationship between price and quantity demanded of the commodity and it leads to the movement along the demand curve of the commodity.
When other factors changes, given the price of the commodity, demand for the commodity changes, it leads to the shift in the demand curve.
Others factors are:
1) The price of related commodities
2) The number of buyers
3) The income level of the consumers
4) Consumers' expectations
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