ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consumer Income
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Consumer Tastes
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Number of consumers
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None of the above
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Detailed explanation-1: -Income is not the only factor that causes a shift in demand. Other things that change demand include tastes and preferences, the composition or size of the population, the prices of related goods, and even expectations.
Detailed explanation-2: -The greater the number of consumers of a good, the greater the market demand for it. The increase in consumers can happen when more and more favored substitute goods than a specific commodity. Then the number of substitute’s buyers will rise.
Detailed explanation-3: -Tastes and Preferences of the Consumers: An important factor which determines the demand for a good is the tastes and preferences of the consumers for it. A good for which consumers’ tastes and preferences are greater, its demand would be large and its demand curve will therefore lie at a higher level.
Detailed explanation-4: -Change in Taste and Preferences. Population Increase or Decrease. Price Change of a Related Good. Change in the Expected Future Prices. Change in the Income Level of Buyers. 14-Jan-2022