Which of the following is not a determinant of a consumer's demand for a commodity?

Business

1 answer:

uranmaximum [27]2 years ago

5 0

Answer:

Law of Diminishing Marginal Utility

Explanation:

Demand refers to the volume of a product or service consumers are willing to buy at a given price over time. Demand is high when customers are willing to buy more of a product. Several factors influence the demand levels of a product. They include

Consumers preferences and tastes
consumers income
prices of related goods
consumer expectation on future prices
number of consumers in the market
Income distribution

The law of diminishing marginal returns associates the utility derived from an additional input while holding other factors constant. The law claims that the marginal utility of an input declines as its supply increases. It does not influence the demand for a product in any way.

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