Define market demand. Discuss the various elements which determine market demand. 

Market demand refers to the total quantity of a product or service that consumers are willing and able to purchase at a given price and time. It is influenced by several factors such as the price of the product, the income of the consumers, the availability of substitutes, and the overall economic conditions.

Elements that Determine Market Demand:

1. Price of the Product:

The price of the product is the most critical determinant of market demand. As the price of the product increases, the quantity demanded decreases, and vice versa. This relationship is known as the law of demand, which states that there is an inverse relationship between price and quantity demanded. Therefore, companies need to understand how consumers respond to price changes and set the right ________ ______ ___ ____ _________ ______ ________ __________ _______ ____ ________.
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