Two factors that determine consumer behaviour is supply and demand
Answers
Explanation:
Consumer Behaviour – The consumer, The KING of the market is the one that dominates the market and the market trends. Lets us know the King first. A consumer is someone who pays a sum to consume the goods and services sold by an organization. The consumer plays a very important role in the demand and supply chain of every economic system of every nation. The producers of the goods and services would lack the motive of producing as there would be no demand for their products.
Answer:
Nature of commodity: The Price elasticity of supply is affected by the nature of commodity. Goods that are perishable in nature have an inelastic supply. This is because their supply cannot be changed in a short period of time.
2. Time Period: The supply tends to be more elastic in the long run than in the short run.