JAMB - Economics (2011 - No. 4)
Demand patterns are determined by the market on the basis of
scale of preference
consumer sovereignty
cosumer rationality
price of the commodity
Explicaţie
Demand patterns are predictions on how consumers react to different products and services in the market. One of the major tools that affects demand patterns is consumer sovereignty. In consumer sovereignty it is believed that the desires and needs of consumers control the output of producers.