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________ and ________ do not directly affect the demand curve
- a)the price of related goods, consumer incomes
- b)consumer incomes, tastes
- c)the costs of production, bank opening hours
- d)the price of related goods, preferences
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
________ and ________ do not directly affect the demand curvea)the pri...
Costs of Production and Bank Opening Hours do not affect Demand Curve
Explanation:
The demand curve shows the relationship between the price of a product and the quantity demanded by consumers. It is affected by various factors that determine the willingness and ability of consumers to purchase a particular good or service. Two factors that do not directly affect the demand curve are the costs of production and bank opening hours.
Costs of Production:
The costs of production refer to the expenses incurred by producers in the process of manufacturing or supplying goods and services. These costs include raw materials, labor, rent, and other overhead expenses. While the costs of production indirectly affect the supply curve, they do not have a direct impact on the demand curve. This is because the price of a product is determined by the interaction of supply and demand, and not by the costs of production alone.
Bank Opening Hours:
Bank opening hours refer to the time during which banks are open for business. This factor does not directly affect the demand curve because it does not impact consumers' willingness or ability to purchase a product. However, it may indirectly affect demand if consumers' access to credit or other financial services is limited due to bank opening hours. In such cases, the demand for certain products may be affected, but this is an indirect effect and not a direct one.
Conclusion:
The demand curve is affected by several factors, including the price of related goods, consumer incomes, tastes, and preferences. However, the costs of production and bank opening hours do not directly affect the demand curve. While they may indirectly impact demand, their effect is not significant enough to alter the shape or position of the demand curve.
Explanation:
The demand curve shows the relationship between the price of a product and the quantity demanded by consumers. It is affected by various factors that determine the willingness and ability of consumers to purchase a particular good or service. Two factors that do not directly affect the demand curve are the costs of production and bank opening hours.
Costs of Production:
The costs of production refer to the expenses incurred by producers in the process of manufacturing or supplying goods and services. These costs include raw materials, labor, rent, and other overhead expenses. While the costs of production indirectly affect the supply curve, they do not have a direct impact on the demand curve. This is because the price of a product is determined by the interaction of supply and demand, and not by the costs of production alone.
Bank Opening Hours:
Bank opening hours refer to the time during which banks are open for business. This factor does not directly affect the demand curve because it does not impact consumers' willingness or ability to purchase a product. However, it may indirectly affect demand if consumers' access to credit or other financial services is limited due to bank opening hours. In such cases, the demand for certain products may be affected, but this is an indirect effect and not a direct one.
Conclusion:
The demand curve is affected by several factors, including the price of related goods, consumer incomes, tastes, and preferences. However, the costs of production and bank opening hours do not directly affect the demand curve. While they may indirectly impact demand, their effect is not significant enough to alter the shape or position of the demand curve.
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________ and ________ do not directly affect the demand curvea)the pri...
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________ and ________ do not directly affect the demand curvea)the price of related goods, consumer incomesb)consumer incomes, tastesc)the costs of production, bank opening hoursd)the price of related goods, preferencesCorrect answer is option 'C'. Can you explain this answer?
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