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Explain how non-price determinants can affect the price of a product by impacting the product’s supply and demand.

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Tundexi

The supply of substitute goods is the non-price determinants can affect the price of a product by impacting the product’s supply and demand.

An example of non-price factor that determines demand is the price of related goods.

Also, the substitute goods also affect the demand of related goods when their supply increases or decreases. A very good example is when there is a drastic decrease in gas prices will lead to an increase of cars on the road.

In conclusion, the supply of substitute goods is the non-price determinants can affect the price of a product by impacting the product’s supply and demand.

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