Essay
Draw a demand curve and label it D1.On the graph,illustrate an increase in demand and a decrease in demand,and label the curves D2 and D3,respectively.Starting on demand curve D1,explain the shift that would result from each of the following events:
a.a decrease in income and the good is a normal good
b.a decrease in income and the good is an inferior good
c.an increase in the price of a substitute good
d.an increase in the price of a complementary good
e.a decrease in the taste for the good
f.an increase in population
g.a decrease in the expected future price of the good
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a,d,e,and g would decrease de...View Answer
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Correct Answer:
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a,d,e,and g would decrease de...View Answer
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