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 demanded

Correct Answer:

Option D – quantity demanded

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 price led to a corresponding change in the quantity demanded from 250 to 200 units.