[amp_mcq option1=”Price of product” option2=”Price of close substitute” option3=”State of production technology” option4=”Change in climatic condition” correct=”option4″]<\/p>\n
The correct answer is D. Change in climatic condition.<\/p>\n
The demand for a product is the quantity of that product 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 or service will decrease as the price of that good or service increases.<\/p>\n
The price of a product is the most important factor that influences demand. When the price of a product decreases, consumers are willing and able to purchase more of that product. Conversely, when the price of a product increases, consumers are willing and able to purchase less of that product.<\/p>\n
The price of close substitutes is another important factor that influences demand. Close substitutes are goods or services that can be used in place of each other. For example, coffee and tea are close substitutes. If the price of coffee increases, consumers will be more likely to purchase tea instead.<\/p>\n
The state of production technology is another factor that can influence demand. If the cost of producing a good decreases, the producer will be able to offer the good at a lower price. This will increase the demand for the good.<\/p>\n
Change in climatic condition is not a factor that influences demand. The demand for a product is determined by the willingness and ability of consumers to purchase that product. The weather does not affect the willingness or ability of consumers to purchase goods and services.<\/p>\n","protected":false},"excerpt":{"rendered":"
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