Question

Define market demand.explain the factors that effect it.

Answer 1

Market demand is the total amount of goods and services that all consumers are willing and able to purchase at a specific price in a marketplace. In other words, it represents how much consumers can and will buy from suppliers at a given price level in a market

Two factors affecting market demand for a commodity are:-

1) Own price of the commodity: When the price of the commodity rises the demand contracts whereas, when the price of the commodity falls, demand expands.

2) Population size: Demand increases with increase in the number of buyers for a commodity and vice-versa.

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