ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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income
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population
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consumer tastes & advertising
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prices of related goods
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Detailed explanation-1: -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-2: -Demand Curve Shifts Right The curve shifts to the right if the determinant causes demand to increase. This means more of the good or service are demanded even though there’s no change in price. When the economy is booming, buyers’ incomes will rise.
Detailed explanation-3: -Therefore, if product A is inferior good, the demand of product A will reduce when money income increases and demand curve for product A will shift leftwards.
Detailed explanation-4: -Answer and Explanation: A change in the price of a good does not shift the demand curve.