Hi, i encounter this qns where i dk which of this three is the answer.
The question is about which of the following option is not held constant in defining demand.
1) Price of related goods.
2) Tastes
3) Number of consumer
I think option 1 isnt the answer since it does define demand where a drop in price of certain product does increase the demand of the complementary goods and itself as well as a rise in certain product does increase the demand for the substitue goods.
As for option 2, since a person might e.g. prefer coke over pepsi (their taste), there will be a higher demand for coke.
As for option 3, the number of consumer also affect demand since more people means there will be a higher demand for the product.
Im confuse between option 2&3...
Here is why im confuse.. For Option 3, with high purchasing power and strong interest in certain product, the demand for it will increase ( a person can buy more than just 1 of the same product), thus even with a small group of consumer, the demand for it can be high as well? Since it doesnt have to mean that only with more people then can there be demand for it, thus it is not held constant...? (Its kinda weird) But like what i stated above, numb of consumer affects demand too since more consumer means more demand...
As for option 2.... a person can like certain product more over the other product, but it does not always define demand since like for example coke, a person might just LIKE it only but there isnt any demand for it at the moment?
Yeah.. thats what making me so confuse :X Pardon my weird explanation and understanding of the qns. >.<