If the demographics of consumers in the market for a good change, demand will ______

Question

Quizplus · Accepted Answer

If the demographics of consumers change, it can affect demand in either an increasing or decreasing manner depending on the nature of the change. For example, if the market for luxury cars shifts to younger, wealthier consumers, there may be an increase in demand. Conversely, if a product associated with an older demographic, such as reading glasses, experiences a shift to a younger demographic, demand may decrease. Therefore, the answer is C, as demand can be influenced positively or negatively by changing demographics.

If the Demographics of Consumers in the Market for a Good