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Questions and Answers
Which of the following would cause the demand curve for a product to shift?
Which of the following would cause the demand curve for a product to shift?
- A change in consumer income
- A change in the price of a substitute product
- A change in the price of the product
- A change in consumer tastes and preferences (correct)
What happens when there is a change in the price of a product?
What happens when there is a change in the price of a product?
- The quantity demanded changes (correct)
- The demand curve shifts
- The supply curve shifts
- The quantity supplied changes
Which of the following is an example of a factor that can cause a shift in the demand curve?
Which of the following is an example of a factor that can cause a shift in the demand curve?
- A change in the price of a complementary product
- A change in the quantity supplied
- A change in consumer income (correct)
- A change in the price of the product
