When does a consumer buys less of a commodity at a given price ?
A consumer may buy less of a commodity at a given price due to the following reasons.
i. Decrease in income of the consumer.
ii. Change in tastes and preferences of the consumer against the commodity.
iii. Change in the price of other goods- Fall in the price of the substitute good or rise in the price of the complementary good.
iv.When the consumer expects a fall in the price of a commodity in the future then he will buy less of it in the present at the given price.