ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The consumers consider various things like the characteristics of the product, price charged, availability of the product at the required location and much more. The personal factors include age, occupation, lifestyle, social and economic status and the gender of the consumer.

Detailed explanation-2: -Which is likely to occur if there is a price increase for a good which exhibits elastic demand? People might buy a more expensive substitute good.

Detailed explanation-3: -A seller’s market is characterized by rapid home sales, shortages of available homes and rising real estate prices. Knowing the difference, and acting accordingly, can help you in any home sale, whether you’re buying, selling or doing both.

Detailed explanation-4: -Consumer income, preferences, and willingness to substitute one product for another are among the most important determinants of demand. Consumer preferences will depend, in part, on a product’s market penetration, since the marginal utility of goods diminishes as the quantity owned increases.