Factors that determine consumers' willingness and ability to pay for products and services are referred to as
A)the "misery index."
B)demand factors.
C)consumer income.
D)elasticity factors.
E)economic environmental factors.

Question

Quizplus · Accepted Answer

Demand factors refer to the various determinants of consumer demand, including their willingness and ability to pay for goods and services. These factors include consumer preferences and tastes, income levels, availability and quality of substitutes, and current market conditions. The other options listed are not specifically related to consumer willingness and ability to pay for products and services.

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