ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Income
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Price
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Population
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Consumer Tastes & Advertising
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Detailed explanation-1: -The correct answer is the Price of the product.
Detailed explanation-2: -Demand (the table or the graph) does not change when the price changes because demand INCLUDES various prices and various quantities. Demand is NOT how much we buy. Note that our definition of demand includes the ceteris paribus assumption. When we develop a demand curve only the price and quantity demanded change.
Detailed explanation-3: -Changing tastes or preferences. Changes in the composition of the population. Related goods. Changes in expectations about future prices or other factors that affect demand.
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