Figure: Demand Shift Which of the Following Factors Would

question 65

Multiple Choice

Figure: Demand Shift Which of the following factors would cause the change in the figure?

• A) an increase in the price of a complement good
• B) a decrease in peoples' willingness to pay for the good
• C) an increase in the price of a substitute good
• D) an increase in income for an inferior good

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Definitions:

Induction

A reasoning process that involves drawing general conclusions from specific observations or instances.

Train Cars

Connected, wheeled vehicles used collectively for the purpose of transporting goods or passengers along a railway track.

Strong Generalization

A statement about all members of a group or category that is made on the basis of evidence for some members, assuming it applies universally with little to no exceptions.

Single Instance

A reference to an argument or conclusion drawn from one example or case, which may not be sufficiently representative.