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
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