Individual demand for a good does not depend upon which of the following?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Number of consumers
ndividual demand refers to the quantity of a good that a single consumer is willing and able to purchase at different prices in a given period of time. It depends on:
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Affordability of the consumer (income level) — because higher income generally increases purchasing capacity.
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Price of substitute goods — because if substitutes become cheaper, the consumer may switch.
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Tastes and preferences — because a consumer’s likes and dislikes influence their demand.
However, “number of consumers” affects market demand, not individual demand. Market demand is the total demand of all individuals combined.