Option (b) the cost of inputs in production is not a determinant of demand.
Determinant of demand
- The determinants of demand exist as factors that cause changes in the economic demand for a product or a service.
- Determinants of demand exist as income, consumer preferences, number of buyers, price-related goods, and expectations of the future. A change in quantity demanded exists compelled by a change in the price of the good. A change in demand exists caused by a difference in determinants.
There exist many determinants of demand. The four we will explore in particular are:
- Income
- Prices of Related Goods
- Tastes and Preferences
- Expectations
Hence, in Option (b) the cost of inputs in production is not a determinant of demand.
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