What are the five categories that group nonprice determinants of demand?

The five categories that group nonprice determinants of demand are correctly identified in the first option. These categories are central to understanding how demand can be influenced without a change in the price of the good or service itself.

1. Consumer Preference: This reflects how changes in tastes and preferences can shift demand. For instance, if more consumers prefer electric cars over gasoline ones, demand for electric cars will increase even if prices remain constant.

2. Prices of Related Goods: This category includes both substitutes and complements. An increase in the price of a substitute good causes an increase in demand for the original good, while a decrease in the price of a complement leads to an increase in demand for the associated product.

3. Income: The demand for goods often varies with consumer income. Typically, as income increases, the demand for normal goods rises, while the demand for inferior goods may decrease, showcasing how changes in consumer income can influence overall demand.

4. Expectations of Future Price: If consumers expect prices to rise in the future, they may increase current demand, knowing that they want to avoid higher costs later. This anticipation can significantly impact current buying behaviors.

5. Number of Buyers in the Market: An increase in