Factors that determine consumers' willingness and ability to pay for goods and services are called:
A)economic environmental factors.
B)the "misery index."
C)demand factors.
D)elasticity factors.

Question

Quizplus · Accepted Answer

Demand factors include both the willingness and ability of consumers to pay for goods and services. This includes factors such as income levels, preferences, and availability of substitutes. Economic environmental factors and the "misery index" are not relevant to determining consumers' willingness and ability to pay, and while elasticity factors are related, they focus specifically on how price changes affect demand.

Factors That Determine Consumers' Willingness and Ability to Pay for Goods