Micro ECON activities 6
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What can cause the market demand curve for day-old bread -- an inferior good -- to shift rightward (an increase in demand)?
A decrease in consumer's income.
What can cause the market demand curve for canned meat -- an inferior good -- to shift rightward (an increase in demand)?
A decrease in consumers' incomes
Tapas are savory Spanish small meals or appetizers. If tapas are normal goods and consumers' incomes increase, what other type of change -- occurring at the exact same time as the increase in consumers' incomes -- can cause the market price of tapas to increase, but have an indeterminate effect on the market equilibrium quantity of tapas?
A decrease in the number of tapas sellers
What can cause the market supply curve for electric cars to shift rightward (an increase in supply)?
An advancement in technology that reduces the cost of making electric cars
What can cause the market supply curve for smartwatches to shift rightward (an increase in supply)?
An increase in the number of sellers of smartwatches
What can cause the market equilibrium price of peanut butter to increase?
An increase in the price of lunch meat -- a substitute good for peanut butter
What can cause the market demand curve for oatmeal to shift leftward (a decrease in demand)?
An increase in the price of raisins -- a complement to oat meal
What can cause the market equilibrium price and equilibrium quantity of bacon -- a normal good -- to increase?
An increase in the price of sausage links - a substitute good for bacon
What can cause the market demand curve for guacamole to shift leftward (a decrease in demand)?
The price of corn chips --a complement to guacamole --increased.
