Question
Define demand. State two factors affecting the market demand of a commodity.
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Answer
Demand for any commodity refers to the quantity of that commodity which consumers are willing to purchase at different prices during a given period of time.
Two factors affecting Market Demand:
(i) Market demand of a product is affected by the price of a commodity.
(ii) Seasonal and weather conditions also affect the market demand of a product
Two factors affecting Market Demand:
(i) Market demand of a product is affected by the price of a commodity.
(ii) Seasonal and weather conditions also affect the market demand of a product
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