CBSE Class 11-commerce Answered
Define market demand.Explain the factors that affect it.
Asked by gillnirmal1606 | 29 Jul, 2019, 04:37: PM
Expert Answer
Market demand refers to the aggregate demand for a commodity in the market.
Market demand is affected by all the factors that affect individual demand and the following factors:
1. Size of population- Increase in population raises the marker demand and decrease in population decreases market demand.
2. Distribution of income- If income in the country is equally distributed, then the demand for commodities will be more and vice versa.
3. Season and Weather- The seasonal and weather conditions also affect the market demand for a commodity. For example market demand for umbrellas during monsoon.
Answered by Christina | 30 Jul, 2019, 09:55: AM
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