a-1, b-2, c-3, d-4
a-1, b-2, c-4, d-3
a-3, b-4, c-1, d-2
a-3, b-4, c-2, d-1
Answer is Right!
Answer is Wrong!
The correct answer is: D. a-3, b-4, c-2, d-1
- Expansion in demand is a rightward shift of the demand curve. This means that at any given price, consumers are willing and able to buy more of the good.
- Contraction in demand is a leftward shift of the demand curve. This means that at any given price, consumers are willing and able to buy less of the good.
- Increase in demand is a movement along the demand curve to the right. This means that at the current price, consumers are willing and able to buy more of the good.
- Decrease in demand is a movement along the demand curve to the left. This means that at the current price, consumers are willing and able to buy less of the good.
Here are some examples of factors that can cause a change in demand:
- Changes in income: If people’s incomes increase, they will typically be able and willing to buy more goods and services. This will lead to an increase in demand.
- Changes in the price of related goods: If the price of a substitute good decreases, consumers will be more likely to buy that good instead of the good in question. This will lead to a decrease in demand for the good in question.
- Changes in tastes and preferences: If people’s tastes and preferences change, they may be more or less willing to buy a particular good. This will lead to an increase or decrease in demand, respectively.
- Changes in expectations: If people expect the price of a good to increase in the future, they may be more likely to buy it now. This will lead to an increase in demand. Conversely, if people expect the price of a good to decrease in the future, they may be less likely to buy it now. This will lead to a decrease in demand.
I hope this helps!