If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
A. consumers' income B. demand C. consumers' tastes D. quantity damanded
Correct Answer: D
Explanation
A change in quantity demanded refers to a change in the specific quantity of a product that buyers are willing and able to buy usually caused by a change in the price. From the question above, a rise in prise led to a corresponding change in the quantity demanded from 250 to 200 units.
