Question

Define demand. Explain any 4 factors that affect demand for a commodity?
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Answer 1

Explanation:

Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease the quantity demanded, and vice versa

The following factors determine market demand for a commodity.

• Tastes and Preferences of the Consumers: ADVERTISEMENTS: ...

• Income of the People: ...

• Changes in Prices of the Related Goods: ...

• Advertisement Expenditure: ...

• The Number of Consumers in the Market: ...

• Consumers' Expectations with Regard to Future Prices:

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Answer 2

Answer:

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