SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which factor causes the demand curve to shift in the following situation:Bobby graduated from college and got a good job, so he decided to buy a new 2016 Passat.
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income
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population
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consumer tastes & advertising
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prices of related goods
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Explanation:
Detailed explanation-1: -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.
Detailed explanation-2: -When economic factors make shoes more or less expensive to produce, the entire curve can shift as a result. Anything that increases the cost of production–increased materials cost, higher taxes and higher labor costs, for example–will shift the supply curve upward and to the left.
There is 1 question to complete.