Which of the following factors is not a cause of change in demand? Changes in
Answer Details
The price of the commodity is not a cause of change in demand.
Demand refers to the quantity of a good or service that consumers are willing and able to buy at a given price and time. Several factors can cause changes in demand, including changes in consumer income, population size, tastes and preferences, and market trends.
However, the price of the commodity itself is not a cause of change in demand. Rather, it is the change in the price that causes a change in the quantity demanded, resulting in a movement along the demand curve. When the price of a good or service increases, the quantity demanded generally decreases, and vice versa. This relationship between price and quantity demanded is known as the law of demand.
Therefore, the correct answer is "Price of the commodity."