When estimating demand, price is not the only factor to be considered.Three other elements include consumer tastes, price and availability of similar products, and
A)consumer income.
B)consumer psychographics.
C)current economic stressors.
D)current political agendas.
E)green substitutes.

Question

Quizplus · Accepted Answer

Consumer income is an important factor to consider, but it is only one of many factors that can impact demand. Consumer tastes and preferences can greatly influence demand for a product, as well as the price and availability of similar products in the market. These factors must be taken into account in order to accurately estimate demand. Economic stressors, political agendas, and green substitutes may also play a role in demand, but are typically not as significant as the other three factors mentioned.

When Estimating Demand, Price Is Not the Only Factor to Be