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 KCSE business studies paper 1 revision questions and answers Set 3

The demand for commodity X doubled in six months though the price of the commodity remained the same over the same period.
Outline four factors that may have contributed to the increase.

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Answer Text:
-Increase in population
-Increase in consumers income
-Good product promotion
-Change in taste and preferences in favour of the product.
-Increase in the price of the substitutes of the commodity
-A fall in the price of jointly demanded commodities
-Shortage in the availability of substitute commodities


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