{"id":56898,"date":"2024-04-16T00:52:41","date_gmt":"2024-04-16T00:52:41","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=56898"},"modified":"2024-04-16T00:52:41","modified_gmt":"2024-04-16T00:52:41","slug":"cross-demand-is-the-change-in-the-quantity-demanded-of-a-given-commodity-in-response-to-the","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/cross-demand-is-the-change-in-the-quantity-demanded-of-a-given-commodity-in-response-to-the\/","title":{"rendered":"Cross demand is the change in the quantity demanded of a given commodity in response to the"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;change in the Utility of another commodity&#8221; option2=&#8221;change in the price of another commodity&#8221; option3=&#8221;change in the nature of another commodity&#8221; option4=&#8221;change in the size of another commodity&#8221; correct=&#8221;option2&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>B. change in the price of another commodity<\/strong>.<\/p>\n<p>Cross demand is the change in the quantity demanded of a good or service that results from a change in the price of another good or service. For example, if the price of coffee increases, the demand for tea may increase, as people will switch to tea as a substitute.<\/p>\n<p>The other options are incorrect because:<\/p>\n<ul>\n<li>A. change in the Utility of another commodity. Utility is the satisfaction or benefit that a consumer receives from consuming a good or service. The utility of a good or service is not affected by the price of another good or service.<\/li>\n<li>C. change in the nature of another commodity. The nature of a good or service is its physical characteristics, such as its size, shape, color, and taste. The nature of a good or service is not affected by the price of another good or service.<\/li>\n<li>D. change in the size of another commodity. The size of a good or service is its physical quantity. The size of a good or service is not affected by the price of another good or service.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;change in the Utility of another commodity&#8221; option2=&#8221;change in the price of another commodity&#8221; option3=&#8221;change in the nature of another commodity&#8221; option4=&#8221;change in the size of another commodity&#8221; correct=&#8221;option2&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-56898","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cross demand is the change in the quantity demanded of a given commodity in response to the<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/cross-demand-is-the-change-in-the-quantity-demanded-of-a-given-commodity-in-response-to-the\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cross demand is the change in the quantity demanded of a given commodity in response to the\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;change in the Utility of another commodity&#8221; 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