After getting a raise at work,Jasper now regularly buys steak instead of chicken.Which factor of demand has influenced Jasper's demand for steak?

Question

Quizplus · Accepted Answer

Jasper's demand for steak has increased due to his increase in income. This is a clear indication of how income acts as a factor of demand. When the income of the consumers increases, they tend to buy more goods and services. In this case, Jasper is now able to afford steak, which was previously beyond his budget. Thus, the increase in income has influenced Jasper's demand for steak.

After Getting a Raise at Work,Jasper Now Regularly Buys Steak