{"id":59779,"date":"2024-04-16T01:43:15","date_gmt":"2024-04-16T01:43:15","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=59779"},"modified":"2024-04-16T01:43:15","modified_gmt":"2024-04-16T01:43:15","slug":"all-but-one-of-the-following-are-assumed-to-remain-the-same-while-drawing-an-individuals-demand-curve-for-a-commodity-which-one-is-it","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/all-but-one-of-the-following-are-assumed-to-remain-the-same-while-drawing-an-individuals-demand-curve-for-a-commodity-which-one-is-it\/","title":{"rendered":"All but one of the following are assumed to remain the same while drawing an individual’s demand curve for a commodity. Which one is it?"},"content":{"rendered":"

[amp_mcq option1=”The preferences of the individual” option2=”His monetary income” option3=”The price of the commodity under consideration” option4=”The prices of other goods” correct=”option4″]<\/p>\n

The correct answer is: D. The prices of other goods.<\/p>\n

A demand curve shows the relationship between the price of a good and the quantity demanded of that good, all other things being equal. This means that the demand curve is drawn assuming that all other factors that might affect demand, such as income, tastes, and the prices of other goods, remain constant.<\/p>\n

If the prices of other goods change, it will affect the demand for the good in question. For example, if the price of bread goes up, people may demand more rice, which is a substitute good. Conversely, if the price of rice goes up, people may demand less bread, which is a complementary good.<\/p>\n

Therefore, the prices of other goods are not held constant when drawing a demand curve.<\/p>\n

The other options are all held constant when drawing a demand curve.<\/p>\n