Various factors cause a demand curve to shift. List four different factors and explain them fully...

Question

Question

Various factors cause a demand curve to shift. List four different factors and explain them fully as determinants of demand.

Answer 1

Answer #1

1. Income: When income changes there is a change in demand and the demand curve shifts.

2. Tastes and preferences: When the tastes and preferences of consumers change, there is a change in demand and the demand curve shifts.

3. Price of related goods: When the price of substitutes or compliments change, there is a change in demand and the demand curve shifts.

4. Number of consumers: When there is an increase or decrease in the number of consumers in the market, demand changes.

Answer 2

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