ECONOMICS
MARKETS AND PRICES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
# of sellers in a market
|
|
|
new technology used to make products
|
|
|
Income of buyers
|
|
|
A tax placed on a good by the government
|
Detailed explanation-1: -Income is not the only factor that causes a shift in demand. Other things that change demand include tastes and preferences, the composition or size of the population, the prices of related goods, and even expectations.
Detailed explanation-2: -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-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.
Detailed explanation-4: -Change in Taste and Preferences. Population Increase or Decrease. Price Change of a Related Good. Change in the Expected Future Prices. Change in the Income Level of Buyers. 14-Jan-2022
Detailed explanation-5: -Price of the Product. The Consumer’s Income. The Price of Related Goods. The Tastes and Preferences of Consumers. The Consumer’s Expectations. The Number of Consumers in the Market.