Question : “Change in demand” occurs due to the change in:
Option 1: Prices of related goods
Option 2: Taste and preference
Option 3: Change in population
Option 4: All of the above
Answer (1)
24th Jan, 2024
Correct Answer: All of the above
Solution :
A change in demand describes a shift in consumer desire to purchase a specific good or service, regardless of price variation. A shift in income levels, consumer tastes, changes in population, or a different price for a related product could be the catalyst for the change.
Hence d is the correct answer.
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