Answer:
The total number of customers in a market declines
Explanation:
Demand refers to the volume of a product that buyers are willing to purchase in the market at a stated price at a given time. As per the law of demand, a high price makes the demand for a product to decline. Other factors that affect the demand for a good or service include
- An increase or decrease in people's income.
- Changes in the price of other related goods
- Increase or decrease in population size
- Changes in customers preferences
The more the population, the higher the demand for a product will be. A decrease in population means fewer people will purchase the product in the market. A reduced population results in low demand.
