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Which of the following factors affects individual's demand for a commodity?
1. Price of the commodity
2. Income of the consumer
3. Prices of related goods
Select the correct answer using the codes given below.
Code
1 and 2
2 and 3
1, 2 and 3
Only 1
There are several factors which influence the quantity demanded of a commodity. Important among them are the price of the commodity, the price of related commodities, and income of the consumer, taste and preference of consumers, size of population and various other factors.
By: Atul Sambharia ProfileResourcesReport error
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