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Considering the demand side of a market for a good or service, the determinants of demand (DOD) refer to: i
Considering the demand side of a market for a good or service, the determinants of demand (DOD) refer to: i. factors other than price that affect the quantity of the good or service a consumer is willing and able to purchase
ii. factors that affect a consumer's minimum willingness-to-pay for various quantities of the good or service
iii. factors that affect a consumer's maximum willingness-to-pay for various quantities of the good or service i ii iii i and ii i and iii
Does anyone know which one(s) the DOD refer to?
Expert Solution
The determinants of demand (DOD) refer to factors other than price that affect the quantity of the good or service a consumer is willing and able to purchase.
Determinants of demand include the following:
(a) Consumer's income
(b) Price of related goods like substitutes and complementary goods
(c) Taste and preferences of the good
(d) Price expectations
All these factors lead to shift in the demand curve as the quantity changes even at the same price.
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