Which of the following is considered a demand factor that will impact the demand curve for a product?

• A. Production technology
• B. Cost of raw materials
• C. Consumer income
• D. Number of suppliers

Answer: (C)

Verified step by step guidance

1. Understand that a demand factor is any variable that causes the demand curve for a product to shift, meaning it changes the quantity demanded at every price level.
2. Identify the options given: Production technology, Cost of raw materials, Consumer income, and Number of suppliers.
3. Recall that Production technology and Cost of raw materials are related to the supply side because they affect how much producers can supply at different prices.
4. Recognize that Number of suppliers also affects supply, as more suppliers typically increase market supply.
5. Know that Consumer income is a classic demand factor because changes in income affect consumers' purchasing power, shifting the demand curve either to the right (increase) or left (decrease).