Which of the Following Factors Will Shift the Demand Curve

question 153

Multiple Choice

Which of the following factors will shift the demand curve to the left?

• A)An increase in the price of a substitute product.
• B)A decrease in the price of a complementary product.
• C)An increase in income if the product is an inferior product.
• D)The expectation that future prices of the product will be higher.

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Definitions:

Fixed Price

A price that does not change over time or in response to market conditions, often set by a seller or agreement.

Budget Line

An illustrated chart depicting all the different pairings of two items that are purchasable within a certain budget and cost framework.

Price of Food

The monetary value assigned to food products, influenced by factors such as production costs, supply and demand.

Rotation

The act of turning around a center or an axis, often used metaphorically to describe a systematical shift in processes or roles.