ECONOMICS
DEMAND
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consumer income.
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number of consumers.
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consumer tastes.
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price of substitutes.
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all of the above.
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Detailed explanation-1: -The demand for a good increases or decreases depending on several factors. This includes the product’s price, perceived quality, advertising spend, consumer income, consumer confidence, and changes in taste and fashion.
Detailed explanation-2: -The quantity demanded (qD) is a function of five factors-price, buyer income, the price of related goods, consumer tastes, and any consumer expectations of future supply and price.
Detailed explanation-3: -The income of the consumer increases. Cost of the substitute goods increases. Prices of the complementary goods decreases. Taste and preferences of the consumers increases.
Detailed explanation-4: -Tastes and Preferences of the Consumers: Incomes of the People: Changes in the Prices of the Related Goods: The Number of Consumers in the Market: Changes in Propensity to Consume: Consumers’ Expectations with regard to Future Prices: Income Distribution: