A change in the price of a commodity affects both the demand and the quantity demanded.

Name: A change in the price of a commodity affects both the demand and the quantity demanded.
Brand: Quizplus
Rating: 4.8 (53 reviews)

Question

Quizplus · Accepted Answer

A change in the price of a commodity affects the quantity demanded (movement along the demand curve) but does not affect the demand itself (which would shift the demand curve). Demand changes are caused by factors other than the price of the commodity, such as income, tastes, and prices of related goods.

A Change in the Price of a Commodity Affects Both