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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Does a change in consumers’ tastes lead to a movement along the demand curve or to a shift in the demand curve? Does a change in price lead to a movement along the demand curve or to a shift in the demand curve? Explain your answers.

To determine
Change in determinants of a demand curve.

Explanation

In addition to price, changes in other determinants of demand such as changes in the tastes and preference of consumer will cause the demand curve to shift. Thus, a change in consumers' tastes leads to a shift of the demand curve. If the change in consumers' tastes leads to an increase in demand, consumers want to buy more of this goo...

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