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Business Economics Demand
Question:
Explain the four factors that affect demand.
Demand:
Demand is affected by various factors. It relates to how products and services are consumed. This is because, in a free economy, it regulates and works alongside supply on the market.
Answer and Explanation:1
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Four factors that affect demand are price, buyers' income level, consumer taste, and competition.
- Price: It is the most important factor that affects...
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Learn more about this topic:
Quantity Demanded Definition, Change & Examples
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Chapter 2/ Lesson 11
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Learn the quantity demanded definition and understand how to find quantity demanded. Study change in quantity demanded examples and understand their causes, as well as the relation of quantity demanded to price elasticity.
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