Question : What is the reason for the change in demand?
1:Change in income level of consumer.
2:Change in taste and preferences.
3:Change in population
Option 1: Option a only
Option 2: Option b only
Option 3: Option c only
Option 4: All of the above(A, B and C)
Answer (1)
16th Jan, 2024
Correct Answer: All of the above(A, B and C)
Solution :
A change in demand represents a shift in consumer desire to purchase a particular good or service, irrespective of a variation in its price.
Following are the factor affecting the change in demand:
1:Income levels
2:Consumer tastes
3:A different price is being charged for a related product.
4:Change in taste and preferences.
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