ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Change in Consumer Tastes
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Change in Consumer Price Expectations
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Change in Number of Consumers in the Market
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Change in Consumer Income
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Detailed explanation-1: -Determinants of individual demand are the cost of related goods and services, cost of the commodity, income of the consumer, number of consumers in the market, and consumer expectation. The cost of goods and services is a common determinant of demand and supply.
Detailed explanation-2: -A key determinant of demand is the level of income evident in the appropriate country or region under analysis. As a generality, the higher the level of aggregate and/or personal income the higher the demand for a typical commodity, including forest products.
Detailed explanation-3: -1. Income: A rise in a person’s income will lead to an increase in demand (shift demand curve to the right), a fall will lead to a decrease in demand for normal goods. Goods whose demand varies inversely with income are called inferior goods (e.g. Hamburger Helper). 2.
Detailed explanation-4: -1] Price of the Product. Browse more Topics under Theory Of Demand. 2] Income of the Consumers. 3] Prices of related goods or services. 4] Consumer Expectations. 5] Number of Buyers in the Market.