ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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price
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income
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preferences
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expectations
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Detailed explanation-1: -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-2: -Increases in demand are shown by a shift to the right in the demand curve. This could be caused by a number of factors, including a rise in income, a rise in the price of a substitute or a fall in the price of a complement.
Detailed explanation-3: -If the demand curve shifts to the right, that is an increase in demand. If the demand curve shifts to the left, that is a decrease in demand. What causes a movement ALONG the demand curve? Prices; If you move upward along a demand curve, that is a decrease in quantity demanded.
Detailed explanation-4: -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-5: -The answer to this question is: B. a decrease in the product price.