ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Market demand is determined by a few factors, including the number of people seeking your product, how much they’re willing to pay for it, and how much of your product is available to consumers, from both your company and from your competitors. Total market demand can fluctuate over time-in most cases, it does.

Detailed explanation-2: -Number of consumers in the market In this case, demand is determined by how many people are buying a particular product. Therefore, the more consumers available, the greater the demand. In some cases, this number increases because of population changes.

Detailed explanation-3: -Price is dependent on the interaction between demand and supply components of a market. Demand and supply represent the willingness of consumers and producers to engage in buying and selling. An exchange of a product takes place when buyers and sellers can agree upon a price.

Detailed explanation-4: -On the demand curve graph, the vertical axis denotes the price and the horizontal axis denotes the quantity demanded.