ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
demand ____ right
|
|
|
demand ____ left
|
|
|
supply ____ right
|
|
|
supply ____ left
|
Detailed explanation-1: -Changes in factors like average income and preferences can cause an entire demand curve to shift right or left. This causes a higher or lower quantity to be demanded at a given price.
Detailed explanation-2: -Answer and Explanation: A change in the price of a good does not shift the demand curve.
Detailed explanation-3: -The prices of a commodity cause a movement along the supply curve and not a shift. Therefore a decrease in prices of smartphones will result in a decrease in the amount supplied.
Detailed explanation-4: -The height of the demand curve shows the amount she is willing to pay for an additional unit of the good. That is, the height of the demand curve measures the consumer’s marginal willingness to pay.