ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A change in the income of buyers
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A change in the supply of a good
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A change in expected future prices
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A change in the price of related goods
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A change in buyers’ preferences
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Detailed explanation-1: -Answer and Explanation: The change in technology will improve production efficiency, which leads to the shift in the supply curve, not the demand curve.
Detailed explanation-2: -Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.
Detailed explanation-3: -The price of the product does not lead to a shift in the demand curve. Income is not the only factor that causes a shift in demand. The other things that change demand include tastes and preferences, the composition or size of the population, the prices of related goods, and even expectations.
Detailed explanation-4: -The following are causes of shift in demand except Change in price. A shift in the demand curve is when a determinant of demand, other than price, changes. A shift to the left means demand drops, and vice-versa.
Detailed explanation-5: -Changing tastes or preferences. Changes in the composition of the population. Related goods. Changes in expectations about future prices or other factors that affect demand.