Question

Which changes will cause demand for a product to rise in a free market economy? Choose all answers that are correct

A. An increase in the number of consumers

B. An increase in the income of consumers

C. An increase in the supply of a product

D. An increase in consumer preference for a product

Answer 1

A free market is one where the prices of goods and services are self-regulated and in this market, the forces of supply and demand are free from intervention of the govt.

• Thus there is an increase in consumer preferences and the number of consumers. Also here will be an increase of supply to match the demands.  

Hence the option A, C and D are correct.

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