If the quantity of rice bought decreases from 2... - JAMB Economics 2012 Question
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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