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The demand for petrol is influenced by several factors, including price changes, consumer preferences, and economic conditions. Higher petrol prices often lead to reduced demand as consumers seek alternatives or reduce travel. Additionally, factors such as the availability of public transportation, the rise of electric vehicles, and seasonal variations (like summer travel) can also significantly impact demand. Lastly, income levels and overall economic growth play a crucial role, as increased wealth typically leads to higher fuel consumption.
What else can I help you with?
Factors affecting income elasticity of demand?
The income factor affecting income elasticity of demand is weather or not goods are necessities of luxury.
What factors affect demand and supply in health care?
please give me the ans. of factor affecting demand and supply of health
What are the factor affecting aggregate Demand?
Consumption, Investment, Government Expenditure and Net Exports
Factors affecting elasticity of demand for coke?
availability of substitutes is one of the major factor
Factors affecting demand and supply of labor?
Factors affecting demand of labor :1) Wage rates fluctuations2) The need of factor input in a firm varies with time3) Increasing training costsFactors affecting supply of labor:1) Competitive labor market2) Working condition3) Inflation
Why the demand for vehicles is very high as the petrol rises?
The only demand that will become high when petrol prices rise is the demand for fuel-efficient cars.
What are the factors affecting Demand and supply of goods?
price is the main factor which affect demand and supply and other factors which affect demand and supply are change in income weather change living standard of people alternative things superior to inferior
Why are the prices of petrol and diesel going up?
demand of petrol are going up year by year and petrol is nonrenewable source of energy
Which is determinant of demand?
They are factors affecting demand other than
Is petrol expensive?
Because the Dwarfes demand it so
What control the petrol price?
Supply, demand & competition.
What will happen to demand for a commodity if the price of its complementary falls?
Complement goods are those goods which uses collectively or side by side e.g petrol and cars. If the demand of one good changes then demand of other good move in the same direction. If the price of product complementary falls then the demand of complementary product increases according to the demand law which in turn increase the demand of product. Suppose the prices of petrol falls which will increase the demand of petrol which in turn in increase the demand of cars.
