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Theory of consumer behaviour — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsTheory of consumer behaviour6 Marks
Question
Define market demand. State the factors that affect it.
✓

Answer

It is the total demand by all the buyers of a commodity at a given price and in given period of time. Determinants of market demand:-
  1. Price of the commodity.
  2. Income of its buyers.
  3. Prices of related goods.
  4. Tastes of the buyers.
  5. Number of buyers of the commodity.

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