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 related goods
price of related goods
number of sellers
number of sellers
input prices
input prices
price of the good
price of the good
income
Responses
price of related goods
price of related goods
number of sellers
number of sellers
input prices
input prices
price of the good
price of the good
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 related goods (substitutes or complements) can shift the demand curve for the good in question.
2. **Income** - Changes in consumer income can also shift the demand curve. For normal goods, an increase in income shifts the demand curve to the right, while a decrease shifts it to the left.
The other options (number of sellers, input prices, and price of the good) relate more to supply or do not shift the demand curve.
1. **Price of related goods** - An increase or decrease in the price of related goods (substitutes or complements) can shift the demand curve for the good in question.
2. **Income** - Changes in consumer income can also shift the demand curve. For normal goods, an increase in income shifts the demand curve to the right, while a decrease shifts it to the left.
The other options (number of sellers, input prices, and price of the good) relate more to supply or do not shift the demand curve.