factors influencoing household demand

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A good example is black & white televisions. Rising income and cheaper production of colour TV's means that the level of black & white sets produced has dropped to almost zero. Price Where a market system operates, then households are likely to have a choice in what they pay for goods...
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If prices of goods change, then households will exercise that choice and make decisions which then alter the demand for those goods. Wheelock (pg 69) describes the relationship between price and demand using the basic law of demand; as prices of goods fall, demand increases...
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