Factors Affecting Demand And Supply - SS2 Economics Past Questions and Answers - page 1
What is one factor that can affect demand for a good or service?
The cost of production
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Government regulations
Availability of substitute goods
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What is one factor that can affect the supply of a good or service?
Consumer tastes and preferences
Technology and innovation
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Advertising and marketing efforts
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How does an increase in consumer income affect demand?
 It increases demand
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It decreases demand
It has no effect on demand
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How does an increase in the cost of production affect supply?
It increases supply
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It decreases supply
It has no effect on supply
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What is one factor that can affect both demand and supply?
 Consumer income
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Government regulations
Availability of raw materials
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How do technology and innovation affect supply?
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How do population size and demographics affect demand?
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