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Question
Write whether the following statement is True or False:
Demand for commodities depends upon various factors.
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Solution
This statement is true.
Explanation:
The demand for a commodity depends on various factors such as the price of the good, the price of other related goods, the income of the consumer, the tastes and preferences of a consumer, and the population size of the market.
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When price of commodity rises, the demand for it ______________.
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Match the following:
|
Group A
|
Group B
|
|
1. Demand and price
|
a. Substitute goods
|
|
2. Tea and coffee
|
b. Inverse relation
|
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3. Inferior goods
|
c. Joint demand
|
|
4. Factors of production
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d. Distribution of income
|
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5. Pen and ink
|
e. Composite demand
|
|
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f. Giffen goods
|
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g. Indirect demand
|
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Choose the correct answer from given options
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The quantity of a commodity that a consumer is willing to buy and is able to afford, given the prices of goods and the consumer's tastes and preferences is called demand for the commodity. Whenever one or more of these variables change, the quantity of the good Chosen by the consumer is likely to change as well. The relation between the consumer's optimal choice of the quantity of a good and its price is very important and this relation is called the demand function. Thus, the consumer's demand function for a good gives the amount of the good that the consumer chooses at different levels of its price when the other things remain.
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The Coca-Cola Company is an American multinational beverage company, with its headquarters in Atlanta, Georgia. The first company that conducted its operation in the soft drink industry was Coca-Cola. It is the world's largest non-alcoholic beverage company serving more than 1.8 billion consumers daily in more than 200 countries. It has a portfolio of more than 3,500 (more than 800 no or low-calorie) products. However, the company is best known for its flagship product Coca-Cola which was originally intended to be a patented medicine invented in 1886 by pharmacist John Smith Pemberton in Columbus, Georgia. The Coca-Cola products can be termed as normal goods and in August 2019 Coca-Cola introduced a new product into the market, that is, zero sugar where the demand has increased for the product in the market.
According to the council of the Australian Food Technology Association and Institute of Food Science and Technology, the Australian nonalcoholic beverages industry has been growing steadily, with a 2.3 percent increase in overall production in the year 2000 which amounts to 2.25 billion liters. However, in the re~ent years, sales of customary carbonated soft drinks have dropped as more and more customers become health conscious and move away from high-calorie sugary drinks. Soft Carbonated drinks. and other alcohol-free beverage manufacturers have also sensed the effects of intensifying competition from private-label soft drink makers. Nevertheless, sales of greater value energy and sports drinks have driven profit generation in the industry.
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Which of the following statements is true?
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