Summary of what can cause a decrease in demand

Question

Illustrate a summary of what can cause a decrease in demand?

Answer 1

A summary of what can cause a decrease in demand:

a. Unfavorable change in consumer tastes,

b. Decrease in number of buyers,

c. Falling income if product is a normal good,

d. Rising income if product is an inferior good,

e. Decrease in price of a substitute good,

f. Increase in price of a complementary good,

g. Consumers’ expectations of lower prices, or incomes in the future.