Which of the following is not a determinant of the demand:
Select one:
a. Income
b. Price
c. Technology
d. Beliefs and traditions
Some of the common determinants of the demand
1. Consumers' tastes (preferences) reflects option d.
2. The number of buyers in the market
3. Consumers' incomes reflects option a.
4. The prices of related goods reflects option b
5. Consumer expectations
So answer is c. technology is not a determinant of the demand
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Refer to Figure 7-2. The loss in domestic consumer surplus as a result of the tariff is equal to
A) $5 million. B) $19.875 million. C) $24.875 million. D) $31.125 million.
In the basic closed-economy ISLM model, the goods market equilibrium condition is
A) output = consumption + investment + government spending. B) output = consumption + investment + government spending - tax. C) output = consumption + investment + government spending + net export. D) output = potential output.