GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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labor unions.
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product utility.
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product value.
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consumer demand.
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Detailed explanation-1: -Market factors affecting demand of consumer goods. The demand for a good increases or decreases depending on several factors. This includes the product’s price, perceived quality, advertising spend, consumer income, consumer confidence, and changes in taste and fashion.
Detailed explanation-2: -Increased prices typically result in lower demand, and demand increases generally lead to increased supply. However, the supply of different products responds to demand differently, with some products’ demand being less sensitive to prices than others.
Detailed explanation-3: -For most goods, there is a positive (direct) relationship between a consumer’s income and the amount of the good that one is willing and able to buy. In other words, for these goods when income rises the demand for the product will increase; when income falls, the demand for the product will decrease.
Detailed explanation-4: -Price. Usually viewed as the most important factor that affects demand. Income levels. Consumer tastes and preferences. Competition. Fashions. 01-Mar-2009