Demand of commodity mainly depends upon
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Demand for a commodity depends upon the taste and preferences of a consumer. A change in taste and preferences affects the level of demand for various goods. Consumer's preferences may change because of changes in fashion, habits, and so on.
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Willingness and ability to pay.
Explanation:
- The demand for a commodity depends on the consumers’ desire and their ability to pay or buy the commodity.
- For example, if the person is willing to buy or consume the apples but he does not have sufficient money to buy it then he will not be able to demand the apples.
- Therefore, willingness to buy and the ability to pay both are necessary for the demand for a commodity.
Learn More:
What is demand?
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