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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

With respect to each of the following changes, identify whether the demand curve will shift rightward or leftward:

a. An increase in income (the good under consideration is a normal good)

b. A rise in the price of a substitute good (caused by a decline in supply)

c. A rise in expected future price

d. A fall in the number of buyers

(a)

To determine

Identify the shift in the demand curve.

Explanation

When the income of the consumer increases, the demand for normal good also increases...

(b)

To determine

Identify the shift of the demand curve.

(c)

To determine

Identify the shift of the demand curve.

(d)

To determine

Identify the shift of the demand curve.

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