Question

Which of the following factors does not determine the demand of a given go0d?


(a) taste and preferences
(b) Price of inputs
(c) Price of the other good
(d) Price of the given good​

Answer 1

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Answer 2

Answer:

The price of Inputs (option B) will not be the factor determining the demand for a given good.

Explanation:

1. taste and preferences are one of the factors while determining the demand for goods if a customer has a high taste and preference for a given good the demand will increase i.e. shift to rightwards & vice-versa.
2. Price of the other good means substitute and complementary goods, there is a positive relationship between substitute goods and demand of goods and there is a negative relationship between complementary and demand of goods.
3. Prices of given goods mean related goods which shows a negative relationship between price and demand for goods.
4. The price of input is not a factor while determining a demand.

Thus, The price of Inputs (option B) will not be the factor determining the demand for a given good.

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