Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 3 - Demand, Supply, and Market Equilibrium - Discussion Questions: 2

Answer

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Work Step by Step

There are many determinants of demand that will change based on who you ask. Some include: the perceived benefits of owning the good, the ability to afford the good, the price of the good, the preferences of consumers, and the view of whether the good is a necessity or a luxury.
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