For Each of the Following Markets,indicate Whether the Stated Change

question 68

Essay

For each of the following markets,indicate whether the stated change causes a shift in the supply curve,a shift in the demand curve,a movement along the supply curve,and/or a movement along the demand curve.
(A)The housing market: consumers' incomes fall.
(B)The tea market: there is an increase in the production in India.
(C)The coffee market: the price of cream goes up.
(D)The fast-food market: the number of consumers in an area decreases.
(E)The gasoline market: government regulations raise production costs.

---

Definitions:

Constant

A value that remains unchanged throughout the scope of an equation, analysis, or experiment.

PQ

A notation commonly used in economics to represent the product of price (P) and quantity (Q), indicating the total revenue.

GDP

Gross Domestic Product, the total value of all goods and services produced within a country in a given period.

Trade Deficit

A situation where a country's imports exceed its exports over a given period, leading to more money leaving the country than coming in.