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State four factors that may lead to a shift in demand as shown in the diagram below. 
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  • Decrease in consumer's income
  • Unfavourable government policies (increased taxes, strict licensing)
  • Decrease in population
  • Future expectation that prices will decline
  • Unfavourable/off peak season for particular commodities
  • Negative taste & preference for a particular product(or fashion)
  • Availability of better substitutes
  • Reduced prices of substitute goods.
  • Increase in price of complimentary goods
  • Unfavourable terms of sales
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