ECONOMICS
ELASTICITY OF DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a fall in the price of a complementary product
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an increase in the labour costs of its production
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a range of new products entering the market
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a rise in the price of a substitute 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: -Answer and Explanation: A change in the interest rate does not cause a shift in the demand curve for money.
Detailed explanation-3: -An increased number of workers will cause the supply curve to shift to the right. An increased number of workers can be due to several factors, such as immigration, increasing population, an aging population, and changing demographics.
Detailed explanation-4: -The supply curve for labor will shift as a result of a change in worker preferences, a change in nonlabor income, a change in the prices of related goods and services, a change in population, or a change in expectations.