Factors that determine consumers' willingness and ability to pay for goods and services are called:
A)economic environmental factors.
B)elasticity factors.
C)demand factors.
D)the "misery index."

Question

Quizplus · Accepted Answer

Demand factors include various factors that determine consumers' willingness and ability to pay for goods and services, such as their income, preferences, tastes, price of related goods or services, availability of substitutes, etc. Economic environmental factors refer to broader macroeconomic factors that impact the overall economy. Elasticity factors refer to the responsiveness of demand to changes in price, income, etc. The "misery index" is a measure of economic well-being that combines unemployment and inflation rates.

Factors That Determine Consumers' Willingness and Ability to Pay for Goods