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
input prices
input prices
price of related goods
price of related goods
number of sellers
number of sellers
income
income
Responses
price of the good
price of the good
input prices
input prices
price of related goods
price of related goods
number of sellers
number of sellers
income
income
Answers
GPT-4o mini
The two correct answers that would cause a shift in the demand curve for a given good are:
1. **Price of related goods** - An increase or decrease in the price of substitutes or complements can shift the demand for the good.
2. **Income** - Changes in consumers' income can lead to shifts in demand, as higher income typically increases demand for normal goods, while lower income can increase demand for inferior goods.
The other options (price of the good, input prices, and number of sellers) typically affect supply rather than demand.
1. **Price of related goods** - An increase or decrease in the price of substitutes or complements can shift the demand for the good.
2. **Income** - Changes in consumers' income can lead to shifts in demand, as higher income typically increases demand for normal goods, while lower income can increase demand for inferior goods.
The other options (price of the good, input prices, and number of sellers) typically affect supply rather than demand.