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What is 'market' demand ? State four factors causing 'increase' in market demand. |
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Answer» Solution :Market Demand refers to the quantity of a COMMODITY that all CONSUMERS are WILLING and able to buy, at each POSSIBLE price during a specific PERIOD of time. The factors causing an increase in market demand are :- (i) Increase in price of substitue goods. (ii) Fall in price of complementary goods. (iii) Increase in income of all the consumers. (iv) A favourable change in Tastes and Prefernces of the consumers. |
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