Question 11
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 individual.
(C) Utility and quality of a commodity
Solution
All three factors (A), (B), and (C) are correct — Price of a commodity, Income of the individual, and Utility and quality of a commodity all determine an individual's demand.
The complete list of factors determining Individual Demand
Get AI Help
Create a FREE account and get:
- Banking Quant Shortcuts PDF
- Free Banking Study Material - (15000 Questions)
- 135+ Banking previous papers with solutions PDF
- 100+ Online Tests for Free
