3 Questions
Demand for a product is always constant and does not change over time.
False
Factors affecting demand change are only related to price changes.
False
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.
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.
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