Which of the following is a determinant of demand?

Question

Quizplus · Accepted Answer

Income is a determinant of demand as it affects the purchasing power of consumers. When income rises, consumers can afford to purchase more goods and services, leading to an increase in demand. Conversely, when income decreases, consumers have less money to spend, leading to a decrease in demand.

The other choices are not determinants of demand. The cost of production is a determinant of supply, technology can affect production efficiency but not necessarily demand, and the number of suppliers can affect market competition but not necessarily demand.

Which of the Following Is a Determinant of Demand