Factors Effecting Demand
- Customer preference.
- Prices of related goods --> complements and substitutes.
- Consumer income.
- Expected future prices.
When there is a change of an influencing factor that is not price, there may be a shift to the left or right. For example:
A product get's a really good press review in a magazine. This means that the quantity demanded of the product will rise. This leads the demand curve to shift to the right.
Here, the price has stayed the same, but the quantity demanded has lowered