Podcast
Questions and Answers
Demand for a product is always constant and does not change over time.
Demand for a product is always constant and does not change over time.
False
Factors affecting demand change are only related to price changes.
Factors affecting demand change are only related to price changes.
False
Changes in consumer preferences can affect demand for a product.
Changes in consumer preferences can affect demand for a product.
True
Study Notes
Demand and Its Factors
- Demand for a product is not always constant and can change over time.
- Factors affecting demand are not only related to price changes, but also include other variables.
- Changes in consumer preferences are one of the factors that can affect demand for a product.
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Description
Test your knowledge of factors affecting demand changes with this quiz. Explore how consumer preferences, income levels, and other external influences can impact the demand for a product. Challenge your understanding of the dynamic nature of demand and its sensitivity to various factors.
