Which factor affecting demand does this scenario illustrate? a change in the number of people in the population a change in the price of a substitute good from a rival soft drink company a change in consumer tastes and preferences a change in the price of a complementary good from a potato chip company

Question

Business

Yaretzi Compton

20 February, 14:19

Which factor affecting demand does this scenario illustrate? a change in the number of people in the population a change in the price of a substitute good from a rival soft drink company a change in consumer tastes and preferences a change in the price of a complementary good from a potato chip company

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Answers (2)

Know the Answer?

Zack · Answer 1

a change in consumer tastes and preferences

Abraham Beltran · Answer 2

Income of a consumer is the main factor that affects the demand in the scenario illustrated below.

Explanation:

Income of a consumer is related with price of goods as well as taste and preference of goods. When the income of a consumer increases the consumer can buy goods which are costly in nature but on the other hand when the income of the consumer decreases the consumer will not be able to buy costly goods.

when the income of the consumer increases the consumer can concentrate more on its taste and preference but on the other hand when the income of the consumer decreases taste and preference for the good also reduces.