Question

The following would cause a change in the quantity demanded for a product? * a. changing prices of related products b. changing consumer tastes c)increasing consumer income d)decreasing price of product​

Answer 1

Explanation:

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Answer 2

The correct option is (d) decreasing price of product.

• A change along the demand curve caused by a change in the product's price is referred to as a change in the quantity demanded.
• When a product's price drops, ceteris paribus presuming all other variables stay the same, consumers will purchase more of it, increasing the amount requested.
• As a result of consumers being less ready to buy the goods at a higher price and increase in the product's price would on the other hand lead to a fall in the amount requested.
• However, shifting the demand curve can alter the amount demanded at each price point due to changes in consumer preferences, rising consumer income and price changes for comparable goods complements or replacements
• For example, the demand for fast food may decline if consumers' preferences for healthier food options change, shifting the demand curve to the left. Not just a shift along the current demand curve, but a decline in the quantity demanded at every price point would follow from this.

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