Question

what was responsible for am increasing demand of goods in age of industrialization

Answer 1

Changes in the prices of other goods can increase or decrease demand. A good that causes an increase in the demand for another good when its price increases is called a “substitute good.” A good that causes a decrease in the demand for another good when its price increases is called a “complementary good.”

There are several factors which influence the quantity demanded of a commodity. Important among them are the price of the commodity, the price of related commodities, and income of the consumer, taste and preference of consumers, size of population and various other factors.

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