Which of the following does not influence the individual demand for a product
price of related good
price of good
production technology
choice of manufacturer
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Answer:
There are, in fact, many factors that are important in determining the demand elasticity for a good or service, such as the price level, the type of good or service, the availability of a substitute, and levels of consumer incomes.
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The production technology does not affect the demand of a product.
- One of the basic and the most important factor for the demand for a product is the price of it. The law of demand states that when the price of the product goes higher the demand falls and when the price of a product goes down the demand increases.
- The demand for a product is also influenced by the price of the related good. If the price of the related goods goes down the demand for the product may also go down.
- The choice of manufacturer sometimes affects the demand for a product. Some people are very loyal to their own brands and what not like to switch to another product even if the price of related goods goes down.
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