Question

In: Economics

Which of the following factors can shift the demand curve (choose all that apply)? Group of...

Which of the following factors can shift the demand curve (choose all that apply)?

Group of answer choices

Price

Income

Tastes & preferences

Consumer expectations

Changes in prices of related goods (complements or substitutes)

Market conditions

Expert Solution

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...

Income

Tastes & preferences

Consumer expectations

Changes in prices of related goods (complements or substitutes)

...

The demand curve shows the relationship between the price of a good and its quantity demand. A movement along a demand curve occurs when price of the product changes. A shift in the demand curve is when demand changes but price remain the same.

A shift in the demand curve is the unusual circumstance when the opposite occurs. Price remains the same but at least one of the other five determinants change. Those determinants are:

Income of the buyers.
Consumer trends and tastes.
Expectations of future price, supply, needs, etc.
The price of related goods. These can be substitutes, such as beef versus chicken. They can also be complementary, such as beef and Worcestershire sauce.
The number of potential buyers. This determinant applies to aggregate demand only.

Rahul Sunny answered 2 years ago

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