Your income increased by 20%. The resultant impact on your demand curve is Select one: No changes in Demand curve Upward shift in demand curve Downward shift in Demand curve Leftward shift in demand curve Rightward shift in demand curve

Your income increased by 20%. The resultant impact on your demand curve is Select one: No changes in Demand curve Upward shift in demand curve Downward shift in Demand curve Leftward shift in demand curve Rightward shift in demand curve

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 3QR

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Question

Your income increased by 20%. The resultant impact on your demand curve is

Select one:

No changes in Demand curve
Upward shift in demand curve
Downward shift in Demand curve
Leftward shift in demand curve
Rightward shift in demand curve

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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