suppose the price of gasoline increases and that sport utility vehicles get poor gas mileage compared to other availble cars. One would expect

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graciewyatt22041 graciewyatt22041

22-07-2022
Business

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suppose the price of gasoline increases and that sport utility vehicles get poor gas mileage compared to other availble cars. One would expect

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tutorconsortium203 tutorconsortium203 · Answer 1 · 2022-07-29T16:55:49+02:00

Suppose the price of gasoline increases and that sport utility vehicles get poor gas mileage compared to other available cars. One would expect "the demand for sport utility vehicles to decrease".

What is increase in demand?

A rise in demand indicates that consumers intend to buy more of the product at all cost ranges.

The demand for a good increases or decreases depending on several factor. Some are given below-

Price of Product: Lower prices increase demand, while higher prices decrease it. This is a result of consumer satisfaction levels. There won't be much demand for your product if people can't afford it.
Tastes and Preferences: Families and lone shoppers have very diverse tastes. A family is more likely to buy kid-friendly items than a single person, who often solely buys items for themselves.
Consumer’s Income: Consumers tend to spend more money and make more purchases as their wealth increases. Wealthier groups not only purchase more frequently, but they also favor more expensive, high-quality goods.
Availability of substitutes: Regardless of what you sell, there will always be rival businesses. You must be aware of your rivals since, if you're not careful, they could reduce your market share.

To know more about the factor that influences demand, here

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