Asked by
Thaksen Parvat
on Oct 12, 2024Verified
All of the following could shift the demand curve except,
A) a change in the price of substitutes
B) a shift of the supply curve
C) a rise in income
D) a rise in population that buys the good
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to purchase at various prices.
Price of Substitutes
The cost of alternative goods or services that consumers can purchase instead of the original item, influencing consumer choices and demand.
Supply Curve
represents the relationship between the price of a good or service and the quantity of it that suppliers are willing to produce and sell at that price.
- Acknowledge the impact of various determinants, such as salary, prices of akin goods, and modifications in consumer tastes or population trends, on the transition of the demand curve.
Verified Answer
MP
Learning Objectives
- Acknowledge the impact of various determinants, such as salary, prices of akin goods, and modifications in consumer tastes or population trends, on the transition of the demand curve.