A change in which variable will change the market demand for a product? A. technology B. population C. the prices of substitutes in production D. the price of the product:uizlet

Question

Business

Abraham Fernandez

10 May, 17:01

A change in which variable will change the market demand for a product? A. technology B. population C. the prices of substitutes in production D. the price of the product:uizlet

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Answers (1)

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Caden · Answer 1

D. the price of the product:

Explanation:

Demand is the quantity of a product that consumers are willing and able to buy at a specific price over time. It means demand has a relation with the price. The law of demands states that the demand for goods and services is indirectly related to its price. Should the price increase, the demand will fall.

If the price of the product moves in one direction, then the changes in demand should be experienced in the opposite direction. The prices of substitutes in production will not affect demand. They can only have some influence once in the market.

Changes in technology by itself cannot affect demand unless it causes changes in the price. Population changes can influence the quantity ordered in the long-run, but not demand. Demand is time-bound.