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What effect does an increase in consumer preferences for a product have on its d

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Question: What effect does an increase in consumer preferences for a product have on its demand?

Options:

  1. Demand decreases
  2. Demand increases
  3. Demand becomes elastic
  4. Demand remains unchanged

Correct Answer: Demand increases

Solution: 

An increase in consumer preferences for a product typically leads to an increase in demand for that product.

What effect does an increase in consumer preferences for a product have on its d

Practice Questions

Q1
What effect does an increase in consumer preferences for a product have on its demand?
  1. Demand decreases
  2. Demand increases
  3. Demand becomes elastic
  4. Demand remains unchanged

Questions & Step-by-Step Solutions

What effect does an increase in consumer preferences for a product have on its demand?
No concepts available.
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