Question

Which of the following is not a determinant of demand?

Options

• Income of the consumer

• Price of the product

• Price of related goods

• Technology used to produce the goods

• Size of population

Answer 1

Technology used to produce the goods

Explanation:

Technology used to produce the goods is not a determinant of demand; rather, it is a determinant of supply. Demand determinants typically include factors like the income of the consumer, the price of the product, and the price of related goods (substitutes and complements). These factors influence a consumer's willingness and ability to purchase a good, which affects the demand for that good.