Asked by Sophia Tiefenthaler on Sep 24, 2024
An increase in demand could arise from which of the following factors
A) an increase in income
B) a decrease in the price of a complement
C) an increase in the price of a substitute
D) all of the above
Income Increase
A rise in the amount of money received by individuals or entities, typically through earnings, investments, or bonuses.
Substitute
A good whose demand increases when the price of another good increases. For example, two brands of cola soft drinks are substitutes.
Complement
A good or service that is used together with another good or service, increasing its demand.
- Comprehend how various factors, including income, prices of related goods, and external influences like health benefits, affect the demand and supply curves.
Learning Objectives
- Comprehend how various factors, including income, prices of related goods, and external influences like health benefits, affect the demand and supply curves.
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