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प्रश्न
Explain any four factors affecting the demand for a commodity.
उत्तर
Four Factors Affecting the Demand for a Commodity
- Own Price of the Commodity: Price is the most important factor that influences a consumer's decision to purchase a particular commodity. Lower price of a commodity attracts more consumers and higher price restricts their number.
- Income of the Consumer: Income of the consumer is a key factor affecting the demand for a commodity. As income rises, people are likely to buy more of a normal commodity and vice-versa. But in case of inferior goods, an increase in income reduces the demand because the consumer shifts his consumption to superior goods.
- Price of Related Goods: Demand for a commodity is also affected by change in prices of related goods. For example, demand for cars not only depend upon its own price (i.e. price of car) but also depends on the price of petrol or diesel.
- Tastes and Preferences: Other things being equal, demand for those goods increases for which consumers develop strong tastes and preferences. Contrary to it, if tastes or preference for a product is fading (decreasing), its demand will decrease.
संबंधित प्रश्न
Give one example of a pair of complementary goods.
Which of the following pairs of goods are most likely substitutes?
Which of the following is not a determinant of demand?
If due to fall in the price of good X, demand for Y rises, the two goods are ______.
Goods X and Y are complements when they are ______.
The demand for a Good X increases when the price of its substitute ______ OR when the price of its complements ______.
From the set of statements given in Column I and Column II, choose the correct pair of statements:
| Column I | Column II |
| A. Normal goods | (i) Goods the demand for which tends to fall with increase in income. |
| B. Inferior goods | (ii) Goods which cannot be used in place of one another. |
| C. Substitute goods | (iii) Goods which can be used in place of one another. |
| D. Joint demand | (iv) Goods the demand for which rise with increase in income. |
What do you mean by substitute goods?
If the quantity demanded of commodity X decreases as the householder's income increases. What type of a commodity is X? Give an example.
With the help of a suitable example explain the effect of a rise in price on the demand for complementary goods.
Explain any three determinants of market demand.
What do you mean by a normal good?
What is demand function?
Give the meaning of Cross demand.
Give an example of Giffen goods.
Car and petrol are examples of ______ demand.
Tea and coffee are examples of ______.
When income increases, the demand for ______ type of good will increase.
Milk can be put to several uses; therefore, it is called as a ______ good.
