Ask Question
15 June, 03:41

What are the determinants of demand?

Income

Price of related goods

A good's own price

Technology

Tastes and preferences

Resource prices

Number of consumers

+3
Answers (1)
  1. 15 June, 04:52
    0
    Income

    Price of related goods

    A good's own price

    Tastes and preferences

    Number of consumers

    Explanation:

    A good's own price: the law of demand states that when prices rise, the demand falls. That also means that when prices drop, demand will grow.

    Income: when income rises, so will the quantity demanded. When income falls, so will demand.

    Prices of related goods: these are either complementary, those purchased along with a particular good or substitutes. They can also influence the demand.

    Tastes and preferences: when the consumer's tastes or preferences change in favor of a product, so does the quantity demanded.

    Number of consumers: it has a major effect on the demand. As the number increases, the demand rises.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “What are the determinants of demand? Income Price of related goods A good's own price Technology Tastes and preferences Resource prices ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers