Other Things Being Equal, a Decrease in Quantity Demand of a Commodity can be Caused by

  1. A rise in the price of the commodity
  2. A rise in the income of the consumer
  3. A fall in the price of a commodity
  4. A fall in the income of the consumer

 

 

Manish Listener Asked on 16th October 2015 in Economics.
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    A rise in the price of the commodity

    Other things being equal, a decrease in quantity demand of a commodity can be caused by a rise in price of the commodity. Prof. Alfred Marshall defined the law thus: “The greater the amount to be sold, the smaller must be the price at which it is offered in order that it may find purchasers or in other words the amount demanded increases with a fall in price and diminishes with a rise in price.”

    Monis Rasool Professor Answered on 20th October 2015.
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