Question

Demand factors are factors that determine: a. the number of consumers who can afford to purchase a product or service. b. the price that should be charged for a given product. c. consumers' willingness and ability to pay for goods and services.d. the number of consumers who want to purchase a product. e. the number of consumers who can purchase a product.

Answer 1

C) consumers' willingness and ability to pay for goods and services.

Step-by-step explanation:

In marketing, the demand factors are those factors that determine a consumer's ability and willingness to buy or consume a specific good or service.

There are six major demand factors that determine the demand of a good or service:

1. Consumers' tastes and preferences
2. Consumer income
3. Changes in prices of substitute or complementary goods or services
4. Advertisements
5. Total number of consumers in a market
6. Consumers' expectations about future prices