Distinguish between individual's demand and market demand. Name the factors affecting demand for a good by an individual.

Distinguish between individual's demand and market demand. Name the fa

1.	Distinguish between individual's demand and market demand. Name the factors affecting demand for a good by an individual.
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Individual demand refers to the quantity of a commodity that a consumer is willing and able to buy, at different possible prices during a specific period of time.On the other hand, Market Demand refers to the quantity of a commodity that all consumers are willing and able to buy, at each possible <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> during a specific period of time. <br/>Market demand is horizontal <a href="https://interviewquestions.tuteehub.com/tag/summation-1234463" style="font-weight:bold;" target="_blank" title="Click to know more about SUMMATION">SUMMATION</a> of all the individual demands. <br/>Factors affecting demand for a good by an individual are :- <br/>(i) Price of related goods.<br/>(ii) Income of the consumer.<br/>(iii) Tastes and Preferences.<br/>(iv) Own price of the commodity.</body></html>