estimating demand,price is not the only factor to be considered.Three other elements include consumer tastes,price and availability of similar products,and
A) consumer income.
B) consumer psychographics.
C) current economic stressors.
D) current political agendas.
E) green substitutes.

Question

Quizplus · Accepted Answer

Consumer income is a crucial factor in estimating demand because it determines the purchasing power of consumers. If the consumer income is high, demand for a product may increase even if its price is also high. On the other hand, if the consumer income is low, demand may decrease even if the price is low. Therefore, consumer income should be considered when estimating demand. While the other options listed may also be important factors, consumer income is arguably the most relevant to demand estimation.

Estimating Demand,price Is Not the Only Factor to Be Considered