ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Decrease in income
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Lower supply
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Change in tastes
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Increase in price
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Detailed explanation-1: -The correct answer is the Price of the product.
Detailed explanation-2: -Answer and Explanation: A change in the price of a good does not shift 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: -Which of the following is not a factor that could cause a shift in supply for a certain good? a change in income: A change in income is the only choice that affects demand, which will change quantity supplied due to a shift in the demand curve but not a shift of the supply curve.
Detailed explanation-5: -What Factors Can Affect the Supply Curve? The supply curve can shift based on several factors including changes in production costs (e.g., raw materials and labor costs), technological progress, the level of competition and number of sellers/producers, and the regulatory & tax environment.