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Consumers will buy more of a good when its price is lower and less when its price is higher.
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How does consumer expectation affect demand for certain goods?
Expectations of future events affect the current demand for a good or service.
How does consumer expectation affect demand for certine goods?
Consumers will buy more of a good when its price is lower and less when its price is higher.
How does consumer income affect the demand for normal goods?
A good that decreases in demand when consumer income rises; having a negative Income increases will thus affect the consumption of these goods.
Can you explain a depression in the war years?
It would be unusual. The expectation would be full employment, industrial expansion and a demand for consumer goods.
Outline the Main determinant of demand for consumer goods.?
outline main determinants of demand for consumer goods?
What are factors that affect a product price?
"What factors affect the pricing of Fast Moving Consumer Goods?"
What makes a price elastic?
If a change or increase in price will affect demand. Elastic goods are usually those that the consumer does not NEED to purchase, such as luxury goods. When the producer increases price, demand will usually increase. Inelastic goods are those that the consumer needs to buy no matter what the price is, such as milk or salt. A sale or price increase won't affect the demand at all.
What factors contribute to the demand for inelastic goods and how does their price elasticity affect consumer behavior?
Factors that contribute to the demand for inelastic goods include the necessity of the product, lack of substitutes, and consumer habits. Inelastic goods have a low price elasticity, meaning that changes in price do not significantly affect consumer behavior. Consumers are willing to pay higher prices for inelastic goods because they are essential or have limited alternatives, leading to relatively stable demand regardless of price fluctuations.
How do increase in consumer spending affect the economy?
With an increase in consumer spending, there will be an increase in demand for goods/services, and therefore an increase in production, which drives the economy up.
As a result of Joseph Stalin's polices the Soviet Union?
Answer this question… did not produce goods based on consumer demand.
How does consumer income affect the demand for normal and inferior goods?
A consumers income can affect their demand for most goods, for normal goods if the consumers income increases then there is a demand for more normal good, but a fall in income would cause a shift to the left for the demand curve, this shift is called a decrease in command. For inferior goods, an increase in income causes demand for these goods to fall, inferior goods are goods that you would buy in smaller quantities, or not at all, if your income were to rise and you could afford something better.
Is it true that normal goods are considered superior to inferior goods in terms of consumer demand and purchasing behavior?
Yes, it is generally true that normal goods are considered superior to inferior goods in terms of consumer demand and purchasing behavior. Normal goods are those for which demand increases as consumer income rises, while inferior goods are those for which demand decreases as consumer income rises. Consumers typically prefer normal goods over inferior goods due to their higher quality and perceived status.
