law of demand: the higher the price the lower the demand for the product and vise versa
Factors that also determine the quantity demanded. Qdx Px Py I T N
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a nonprice factor that influences the amount of demand for a good or service
1. Disposable income 2. Credit availability3. Stock of liquid assets in the hands of consumers4. Stock of durable goods in the hands of consumers5. Keeping up with the Joneses6. Consumer...