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Theory of consumer behaviour — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsTheory of consumer behaviour4 Marks
Question
Define demand. State the factors affecting market demand.
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Answer

Demand refers to the quantity of a good the consumer is willing to buy at a price during a period of time.
Factors affecting market demand:
  1. Own price of the good.
  2. Income of the buyers.
  3. Prices of related goods.
  4. Taste and preference of buyers.
  5. Number of consumers.
  6. Distribution of income.

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