Question on: JAMB Economics - 2012
If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
A
consumers' income
B
demand
C
consumers' tastes
D
quantity damanded
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Correct Option: D
The question describes a scenario where the quantity of rice purchased decreases due to an increase in price. This directly relates to a change in the *quantity demanded*, not a shift in the overall demand curve.
* **Quantity Demanded:** Refers to the specific amount of a good or service consumers are willing and able to buy at a *specific price*.
* **Demand:** Represents the entire relationship between price and quantity demanded, and is depicted graphically by the demand curve. Factors like income, tastes, and prices of related goods cause the *demand* to change, and shift the demand curve.
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