ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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More costly production methods
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A decrease in the price of lift tickets at resorts in Colorado
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A decrease in consumer income
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A decrease in the population
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Detailed explanation-1: -One of the significant factors that will increase the demand for snowboards is the decline in the ski lift tickets price. This is because when the price of ski lift tickets decreases, many people will be able to afford to go to the mountain when there is snow.
Detailed explanation-2: -An increase in demand can be caused by: An increase in the number of consumers. An increase in income. An increase in the price of a substitute product.
Detailed explanation-3: -An increase in demand will cause an increase in the equilibrium price and quantity of a good.
Detailed explanation-4: -If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.
Detailed explanation-5: -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. Ceteris paribus assumption. Demand curves relate the prices and quantities demanded assuming no other factors change.