Final answer:
Factors that affect supply and demand other than price are called Non-price determinants (option B)
These DEMAND include Income and consumer preferences (option B)
These of SUPPLY include Cost of production and technology (option B)
Step-by-step explanation:
Factors that influence supply and demand, beyond price, are termed as non-price determinants. These include various elements such as consumer preferences, income levels, and external economic conditions. Market dynamics encapsulate the multifaceted forces shaping the interaction between buyers and sellers, contributing to the overall behavior of the market.
Demand determinants encompass factors affecting the quantity of a good or service demanded. Income and consumer preferences are key aspects. When income levels change or consumer tastes shift, it directly impacts the demand for specific products, leading to fluctuations in market dynamics.
Supply determinants involve factors influencing the quantity of a good or service that producers are willing to supply. Cost of production and technological advancements significantly affect supply levels. Changes in production costs or improvements in technology can alter the supply landscape, impacting market equilibrium.
In essence, understanding non-price determinants, demand factors like income and preferences, and supply factors such as production costs and technology is crucial for comprehending the intricate dynamics of markets and their equilibrium.