Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Theory of Consumer behaviour

Question:

Demand for a commodity depends on factors such as
(i) Price of commodity itself
(ii) Income of the consumer
(iii) Tastes and preferences of the consumers
(iv) Prices of unrelated commodities
Choose correct option:

Options:

i

i, ii, iii

i, ii, iv

All of the above

Correct Answer:

i, ii, iii

Explanation:

Various factors affecting demand of a commodity are the price of the commodity itself, the price of the other commodities like substitutes and complements, tastes and preferences of consumer, income of consumer and many other factors.