describe the determinants of market demand
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We have discussed the following determinants of market demand namely price of the product, price of the related goods, level of consumers' income, consumers' taste and preference, advertisement of the product, consumer's expectations, demonstration effect and bandwagon effect, consumer credit facility, population
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In economics, there are several factors or determinants which affect the demand. Five of the most common determinants of demand are the price of the goods or service, the income of the buyers, the price of related goods, the preference of the buyer and the population of the buyers.
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