Demand factors refer to
A) the number of consumers who can afford to purchase a product or service.
B) the price that should be charged for a given product.
C) consumers' willingness and ability to pay for goods and services.
D) the number of consumers who want to purchase a product.
E) the number of consumers who can purchase a product.

Question

Quizplus · Accepted Answer

Demand factors refer to the consumers' willingness and ability to pay for goods and services. It includes factors such as income, consumer tastes and preferences, availability of substitutes, marketing and advertising, and economic conditions. The number of consumers who want to purchase a product or the number of consumers who can purchase a product are both aspects of demand, but they are not the only demand factors.

Demand Factors Refer to