Question

define decrease in demand. what factors cause decrease in demand?​

Answer 1

Answer:

1. A decrease in demand means that consumers plan to purchase less of the good at each possible price.

2. The price of related goods is one of the other factors affecting demand.

Decrease in demand may occur due to the following reasons:

(i) A goods has gone out of fashion or the tastes of the people for a commodity have declined.

(ii) Incomes of the consumers have fallen.

(iii) The prices of the substitutes of the commodity have fallen.

(iv) The propensity to consume of the people has declined.

Explanation:

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