Question
An increase or decrease in which of the following factors would cause a shift in the demand curve for a given good? Select the two correct answers.(1 point)
Responses
price of the good
price of the good
price of related goods
price of related goods
income
income
input prices
input prices
number of sellers
Responses
price of the good
price of the good
price of related goods
price of related goods
income
income
input prices
input prices
number of sellers
Answers
GPT-4o mini
The two factors that would cause a shift in the demand curve for a given good are:
1. **Price of related goods** (this includes substitutes and complements)
2. **Income** (changes in consumer income can shift the demand for normal and inferior goods)
The other options (price of the good, input prices, and number of sellers) would affect the supply curve or cause movements along the demand curve rather than a shift in it.
1. **Price of related goods** (this includes substitutes and complements)
2. **Income** (changes in consumer income can shift the demand for normal and inferior goods)
The other options (price of the good, input prices, and number of sellers) would affect the supply curve or cause movements along the demand curve rather than a shift in it.