The correct answer is E. all of the above.
The market demand for a good is the total amount of that good that consumers are willing and able to purchase at various prices during a given period of time. The law of demand states that, all other things being equal, the quantity demanded of a good will decrease as the price of the good increases. This is because consumers are generally willing to purchase more of a good when it is cheaper.
In addition to the price of the good, the market demand for a good is also affected by the prices of other goods, the income of consumers, and the tastes of consumers.
The prices of other goods can affect the demand for a good through the substitution effect and the income effect. The substitution effect occurs when a change in the price of one good causes consumers to substitute other goods for it. For example, if the price of beef increases, consumers may substitute chicken or fish for beef. The income effect occurs when a change in the price of one good affects consumers’ purchasing power. For example, if the price of beef decreases, consumers may have more money to spend on other goods, such as chicken or fish.
The income of consumers can also affect the demand for a good. In general, consumers with higher incomes will demand more goods than consumers with lower incomes. This is because consumers with higher incomes have more money to spend on goods and services.
The tastes of consumers can also affect the demand for a good. Tastes are the preferences that consumers have for different goods and services. If consumers’ tastes for a good change, the demand for that good will also change. For example, if consumers’ tastes for beef increase, the demand for beef will increase.
In conclusion, the market demand for a good is a function of the price of the good, the prices of other goods, the income of consumers, and the tastes of consumers.