Define demand. State the factors affecting market demand. - Vidyadip

Question

Define demand. State the factors affecting market demand.

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Answer

Demand refers to the quantity of a good the consumer is willing to buy at a price during a period of time.
Factors affecting market demand:

Own price of the good.
Income of the buyers.
Prices of related goods.
Taste and preference of buyers.
Number of consumers.
Distribution of income.

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