ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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increase in number of consumers
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increase in cost of inputs
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decrease in income
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change in tastes and preferences
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Detailed explanation-1: -A change in the price of a good does not shift the demand curve. Instead, it causes a movement along the demand curve.
Detailed explanation-2: -Demand shifters include preferences, the prices of related goods and services, income, demographic characteristics, and buyer expectations.
Detailed explanation-3: -The quantity demanded (qD) is a function of five factors-price, buyer income, the price of related goods, consumer tastes, and any consumer expectations of future supply and price. As these factors change, so too does the quantity demanded.
Detailed explanation-4: -A change in price does not shift the supply curve.
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.