Knowee
Questions
Features
Study Tools

Which of the following is a factor that can influence the law of demand in the short term?Option     Technological advancements     Changes in consumer preferences     Seasonal variations     Population growth

Question

Which of the following is a factor that can influence the law of demand in the short term?Option     Technological advancements     Changes in consumer preferences     Seasonal variations     Population growth

🧐 Not the exact question you are looking for?Go ask a question

Solution

The factors that can influence the law of demand in the short term from the options provided are:

  1. Changes in consumer preferences: This can have a significant impact on the demand for a product or service in the short term. For example, if consumers suddenly start preferring one product over another, the demand for the first product will increase while the demand for the second product will decrease.

  2. Seasonal variations: These can also influence the demand for certain products or services in the short term. For example, the demand for ice cream is usually higher in summer than in winter.

Technological advancements and population growth are factors that typically influence demand in the long term rather than the short term. Technological advancements can lead to the development of new products or improvements in existing products, which can increase demand. Population growth can increase the number of potential consumers, which can also increase demand. However, these changes usually take place over a longer period of time.

This problem has been solved

Similar Questions

Which of the following factors does NOT affect individual demand?Option     Market equilibrium     Income of the consumer     Preferences and tastes of the consumer     Price of the product

Which of the following is not a key influencer of market demand?

Which of the following situations best demonstrates the law of demand?Group of answer choicesMovie-goers react to an increase in the price of a theater ticket by seeing fewer movies per year.Movie-goers see fewer movies per year due to an overall decrease in the quality of newly released motion pictures.A drought causes a decrease in the availability of pumpkins, resulting in fewer jack-o-lanterns displayed on Halloween.An increase in the number of people writing Economics textbooks results in a decrease in average textbook prices.

Which of the following factors does NOT cause a change in demand?*1 pointA. Taste and fashionB. Vagaries of weatherC. Price of other commoditiesD. Price of the commodity

Which situation best illustrates an effect of the law of demand?A.A shop orders more computers when their selling price increases.B.A theater sells more popcorn after it lowers the price of popcorn.C.A car company increases sales when incomes rise in a city.D.A restaurant loses customers when a similar restaurant opens nearby.SUBMITarrow_backPREVIOUS

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.