Explain the factors which determine the level of demand for a good or service

To answer this questions I would reccomend learning the following acronym WISPER CAT

The factors which affect the level of demand are:

Weather

Income

Substitute goods price

Population

Expectations of future prices

Rates - interest

Complimenaty good prices

Advertising

Trends and fashion

If any of the factors above are changed then the level of demand will be affected.

JG
Answered by Joel G. Economics tutor

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