Which of the following factors affects an individual’s demand for a co

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Which of the following factors affects an 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 code given below:

1 and 2 only
2 and 3 only
1, 2 and 3
1 only
This question was previously asked in
UPSC CAPF – 2014
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An individual’s demand for a commodity is influenced by several factors. The price of the commodity itself affects the quantity demanded (movement along the curve). The income of the consumer affects purchasing power and preferences, shifting the demand curve (e.g., for normal and inferior goods). The prices of related goods, such as substitutes and complements, also affect demand, shifting the demand curve (e.g., if the price of a substitute rises, demand for the original commodity increases). Therefore, all three factors listed affect an individual’s demand.
This question tests fundamental concepts in economics regarding the determinants of individual demand.
The relationship between demand and these factors is typically represented by the demand function. Other factors that can influence individual demand include consumer tastes and preferences, expectations about future prices and income, and demographics. Market demand is the sum of individual demands.

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