Define Demand. Name the factors affecting market demand. – InterviewSolution

1.

Define Demand. Name the factors affecting market demand.

Answer»

Demand refers to the quantity of a good, the consumer is willing to buy at a given price during a period of time.

(i) Own price of the good

(ii) Income of the buyers

(iii) Prices of related goods

(iv) Tastes and preferences of buyers.

(v) Number of consumers

(vi) Distribution of income.

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