GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is not a determinant of demand?
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Elasticity of Demand
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Prices of related goods
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Income of the consumer
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Price of the product itself
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Explanation:
Detailed explanation-1: -Population is not a determinant of a consumer’s demand for a commodity.
Detailed explanation-2: -The four factors that affect price elasticity of demand are (1) availability of substitutes, (2) if the good is a luxury or a necessity, (3) the proportion of income spent on the good, and (4) how much time has elapsed since the time the price changed.
Detailed explanation-3: -The price of a resource used to produce a certain good is not a determinant of its demand but its supply.
There is 1 question to complete.