ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a change in a consumer’s income level
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a change in population
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a change in a consumer’s expectations
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a change in the price of a product.
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Detailed explanation-1: -Answer and Explanation: A change in the price of a good does not shift the demand curve. Instead, it causes a movement along the demand curve. A change in any other factors will shift the demand curve to the left or to the right.
Detailed explanation-2: -A change in the price of the product leads to movement along the demand curve and not a shift in the demand curve.
Detailed explanation-3: -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-4: -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-5: -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.