Is price is the only sole factor that affects demand?

Is price is the only sole factor that affects demand?

certainly not, price is not only sole factor that influence the demand of any product, there are various factors affecting demand are as follows:

• Income- income of customer determines the ability to buy a product like if a consumer having high income will spend more than that person who will having less income.

• Taste and preferences- taste and preferences determines that what product customers wants like if a customer wants demands for an axe perfume then he will demand for it.

• Availability of substitutes- there are variety of substitutes available that customers can choose from, for example coke and pepsi  customer can choose between these two.

• Price- price of the product is one of the main reasons that affects demand, high price product would be demanded by few customers that can afford it. For example how many people buy ferrari, very few because not every can afford ferrari.