Explain the main determinants of demand of a commodity in the market. Distinguish between an Inferior good (commodity) and a Giffen good.

The demand for a commodity in the market is influenced by several factors that determine the quantity of the commodity that buyers are willing and able to purchase at a given price. These factors are known as the determinants of demand, and they include the following:

1. Price of the commodity: The price of a commodity is one of the main determinants of demand. As the price of a commodity rises, the quantity demanded of that commodity tends to fall, ceteris paribus. This inverse relationship between the price and quantity demanded is referred to as the law of demand.

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