ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A change in the price of a good will cause the quantity demanded for that good to change, but a change in the demand for related goods (complements and substitutes) causes the demand curve to shift.

Detailed explanation-2: -The 5 Determinants of Demand The price of the good or service. The income of buyers. The prices of related goods or services-either complementary and purchased along with a particular item, or substitutes bought instead of a product. The tastes or preferences of consumers will drive demand.

Detailed explanation-3: -Supply is generally considered to slope upward: as the price rises, suppliers are willing to produce more. Demand is generally considered to slope downward: at higher prices, consumers buy less.

Detailed explanation-4: -Population is not a determinant of a consumer’s demand for a commodity.

Detailed explanation-5: -Determinants of demand are factors that either positively or negatively affect demand in the market. The five determinants of demand are consumer taste, the number of buyers in the market, consumer income, the price of related goods, and consumer expectations.