The Demand Curve for a Normal Good Shifts Leftward If

question 35

Multiple Choice

The demand curve for a normal good shifts leftward if income _______ or the expected future price _______.

• A) decreases; rises
• B) increases; falls
• C) decreases; falls
• D) increases; rises

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Definitions:

Consumption Time

The duration or period during which a consumer utilizes or enjoys a product or service.

Opportunity Cost of Time

The cost associated with forgoing the next best alternative when one chooses to spend time on a specific activity.

Consumption Time

The period during which consumers use or enjoy a good or service.

Theory of Consumer Behavior

A framework that examines how consumers make decisions to allocate their resources on consumption-related items.