You learnedthat changes in demand are caused by non-price determinants of demand that can be remembered by the acronym TRIBE. You learned that changes in supply are caused by non-price determinants of supply that can be remembered by the acronym ROTTEN. List 5 non-price determinants of either demand or supply that cause changes in the market. To receive credit, you have to indicate whether the non-price determinant you listed affects demand or supply.

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kileymacklin kileymacklin

08-06-2022
Business

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You learnedthat changes in demand are caused by non-price determinants of demand that can be remembered by the acronym TRIBE. You learned that changes in supply are caused by non-price determinants of supply that can be remembered by the acronym ROTTEN. List 5 non-price determinants of either demand or supply that cause changes in the market. To receive credit, you have to indicate whether the non-price determinant you listed affects demand or supply.

Your answer:

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monikachinwaal55 monikachinwaal55 · Answer 1 · 2022-06-16T12:51:43+02:00

The five non-price determinants are expected price, price of other goods, income, potential customer and taste & preference.

What are the non-price determinants?

Non-price determinants are those factors, that can result in the shift of demand curve and influence the demand of the goods or services.

If non-price determinants increased the demand, if prices are high, then customer will definitely shift to the substitute product.

Some of the non price determinants are population, need of the consumer, habit etc.

Learn more about the non-price determinants here:-

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