Question

in 3 to 4 sentences, explain some of the factors that causes changes in demand and why it is important for consumers to understand these changes

Answer 1

Income is not the only factor that causes a shift in demand. Other things that change demand include tastes and preferences. the composition or size of the population is a reason. the prices of related goods, and even expectations. It’s important for people to recognize because as demand increases, the available supply also decreases. But if supply decreases, prices may increase. Supply and demand have an important relationship because together they determine the prices of most goods and services.

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