ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Whether the purchase of the prouct can be delayed
|
|
|
Whether there are adequate substitutes for the product
|
|
|
Whether the purchase of the product requires a large portion of income
|
|
|
Whether the product has utility
|
Detailed explanation-1: -Answer: The correct answer is option d. whether the product has utility.
Detailed explanation-2: -Answer and Explanation: All of the following are determinants of demand except: B) quantity supplied. The quantity supplied of a product or service does not affect how much of the good is purchased. Therefore, it is not a determinant of demand.
Detailed explanation-3: -The four factors that affect price elasticity of demand are (1) availability of substitutes, (2) if the good is a luxury or a necessity, (3) the proportion of income spent on the good, and (4) how much time has elapsed since the time the price changed.
Detailed explanation-4: -Answer and Explanation: Supply is not a determinant of price elasticity of demand as it does not concern the producers’ willingness to produce output but rather the consumers’ willingness to purchase outputs at a given price level.
Detailed explanation-5: -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. More items •12-Jan-2022