Determinants Of Demand

Question 1

4 determinants of demand??

Answer 1

Change in RDI
Change in price of substitutes
Change in price of complements
Change in fashions and trends

Question 2

Which way does demand curve shift if there’s a positive change in fashion towards a product??

Answer 2

Right

Question 3

Which was does demand curve shift if substitutes fall in price??

Answer 3

Left

Question 4

Which way does demand shift if complements increase in price??

Answer 4

Left

Question 5

How does RDI change in a boom and recession and how does it affect demand??

Answer 5

RDI falls in a recession and so does demand

Opposite happens in a recession

Question 6

What factors can affect tastes and fashions for a product??

Answer 6

Media, health issues, weather, culture

Question 7

How does RDI change in a boom and recession and how does it affect demand??

Answer 7

RDI increases in a recession and so does demand

Opposite happens in a recession