The demand for commodity X doubled in six months though the price of the commodity remained the same over the same period.
Outline four factors that may have contributed to the increase.
Answer:
-Increase in population
-Increase in consumers income
-Good product promotion
-Change in taste and preferences in favour of the product.
-Increase in the price of the substitutes of the commodity
-A fall in the price of jointly demanded commodities
-Shortage in the availability of substitute commodities