Factors Affecting Demand Quiz

• The amount of money consumers are willing to spend on a product or service
• The cost of producing a product or service
• The quantity of a product or service that consumers are willing to buy at a given price (correct)
• The quantity of a product or service that producers are willing to sell at a given price

• Government regulations on production
• Changes in consumer preferences (correct)
• Technological advancements in production
• Increase in production costs

• Changes in the price of substitutes
• Changes in government policies
• Changes in production costs
• Changes in consumer income (correct)

<p>It follows the law of demand, where an increase in price leads to a decrease in quantity demanded (A)</p> Signup and view all the answers