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
income
income
price of the good
price of the good
number of sellers
number of sellers
input prices
input prices
price of related goods
Responses
income
income
price of the good
price of the good
number of sellers
number of sellers
input prices
input prices
price of related goods
Answers
GPT-4o mini
The two factors that would cause a shift in the demand curve for a given good are:
1. **Income** - Changes in consumer income can increase or decrease demand for normal or inferior goods.
2. **Price of related goods** - Changes in the price of substitutes or complements can affect the demand for the good in question.
The other options (price of the good, number of sellers, input prices) typically cause movements along the demand curve rather than shifts in the curve itself.
1. **Income** - Changes in consumer income can increase or decrease demand for normal or inferior goods.
2. **Price of related goods** - Changes in the price of substitutes or complements can affect the demand for the good in question.
The other options (price of the good, number of sellers, input prices) typically cause movements along the demand curve rather than shifts in the curve itself.