ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
determinants of demand (TIMER)
|
|
|
demand elasticity
|
|
|
demand
|
|
|
None of the above
|
Detailed explanation-1: -However, when income decreases, the demand for inferior goods increases. Thus, an increase in income causes the demand curve for an inferior good to shift to the left. Conversely, a decrease in income shifts the demand curve to the right.
Detailed explanation-2: -A change in the price of a good or service causes a movement along a specific demand curve, and it typically leads to some change in the quantity demanded, but it does not shift the demand curve.
Detailed explanation-3: -Aside from price, other determinants of demand that affect the demand schedule or chart are: income, consumer tastes, expectations, price of related goods, and number of buyers.
Detailed explanation-4: -Shifts of the Demand Curve When price changes (ceteris paribus), there is a movement along the demand curve resulting in a change to quantity demanded. When a non-price determinant of demand changes, there is a shift of the entire demand curve resulting in a change to demand.
Detailed explanation-5: -The needs of the consumer. Consumer income (Y) Consumer tastes, preferences and fashions. Habit. Brand loyalty. The price of substitute products. The price of complementary products. Natural factors. More items •13-Jan-2020