Question

A factor that most influences changes in consumer demand is quantity. price. quality. competition.

Answer 1

Answer:

The Correct Answer is "Price".

Explanation:

They are five possible factors which influenced the changes in the Consumer's Demand because of the changes in Price:

• Real disposable Income.
• Employment and Job security.
• Household wealth.
• Market Interest rates.
• Expectations and sentiments.

Real disposable Income: is the example of the Income adjusted for Inflation and after direct taxes and the benefits.

Employment and Job security: When the employment is reducing the confidence and Income may also reduce.

Household wealth: A rise in wealth can boost Consumer demand.

Market Interest rates: Interest rates affect the Incentives to save and the cost of borrowing.

Expectations and sentiments: The state of confidence.

Answer 2

The option B is correct. Price is a factor that most influences changes in consumer demand.  

Further Explanation:

Consumer demand means the quantity demanded by the consumer at a particular time period. The consumer demand is changed with the price of the product. If the price of the good is decreased, the consumer demand is increased. If t the price of the good is increased, the consumer demand is decreased. There are many other factors that influence consumer demand.  

 

Justification for the correct and incorrect answer:

A.

Quantity: This option is incorrect.  

The consumer demand does not change according to the quantity, the consumer purchase the goods according to his needs. This option is not correct.  

B.

Price: This option is correct.  

As the price increase or decrease, the consumer demand is changed according to it. This is the correct option.  

C.

Quality: This option is incorrect.

Quality has little significant change in consumer demand. Some consumer is more particular towards the quality of the product. But it is not the factor that influences most.  

D.

Competition: This option is incorrect.

The competition does not affect the change in consumer demand. This option is not correct.  

Learn more:

1. Learn more about consumer influence

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2. Learn more about equilibrium price

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3. Learn more about consumer protection law

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Answer details:

Grade: Middle School

Subject: Economics  

Chapter: Consumer demand

Keywords: Price, factor, that most influences, changes in consumer demand, quantity, quality, competition, purchase goods, quantity demanded, need, increase, decrease.