Emily begins to examine shifts in demand for shoes. She discovers that as the population increases then it is likely that there will be a shift in demand to the right for shoes. She also discovers that when there are more houses being built, sometimes this seems to shift the demand to the right for shoes. Since the population increase describes the shifts in demand for shoes better than the number of houses being built, Emily omits the variable of housing construction in her analysis of shifts in demand for shoes. What is this an example of?
Emily begins to examine shifts in demand for shoes. She discovers that as the population increases then it is likely that there will be a shift in demand to the right for shoes. She also discovers that when there are more houses being built, sometimes this seems to shift the demand to the right for shoes. Since the population increase describes the shifts in demand for shoes better than the number of houses being built, Emily omits the variable of housing construction in her analysis of shifts in demand for shoes. What is this an example of?
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter20: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 3CQ: Recent research confirms that the demand for cigarettes is not only inelastic, but it also indicates...
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