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Question
Explain with the help of diagram, the effect of the following changes on the demand of a commodity:
An unfavourable change in taste of the buyer for the commodity
Diagram
Explain
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Solution
An unfavourable change in the taste and preferences of a buyer leads to a decrease in demand for the commodity.
For example, if consumers develop a dislike for cold drinks due to health concerns, the demand for cold drinks decreases even when their price remains unchanged.
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