The causes of the increase in demand are when a product becomes more popular, a company offers a better product than its competition, and the price of the product has gone down.
Reasons for the increase in demand
- When the popularity trend of the product rises the quantity demanded of the product rise as well.
- When more quality or better products are produced by the business than other firms then again it would raise the quantity demand of the product.
- The decrease in price is also one factor that would increase the quantity demanded due to the higher purchasing power of customers.
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