A change in the price of the product leads to movement along the demand curve and not a shift in the demand curve.
The correct answer is B. a reduction in the price of cattle feed.
Answer and Explanation: The answer is d. a change in the price of a turkey.
A change in price produces a change in quantity supplied and induces a movement along the supply curve. A change in price does not shift the supply curve.
the price of the good. The buying price of a product will influence people's buying plans; however, it...
Increases in demand cause a shift to the right in the demand curve and are caused by some factors; a rise in income, a rise in the price of a substitute or a fall in the cost of a compliment.
The Law of Demand tells us that if more people want to buy something, given a limited supply, the price of that thing will be bid higher. Likewise, the higher the price of a good, the lower the quantity that will be purchased by consumers.
Demand refers to the desired quantity which a consumer wishes to buy. Change in the demand is caused by the change in the factors other than the change in the price of that commodity and change in demand shifts the demand curve. Therefore, with an increase in demand, the demand curve will shift to the right.
What Is Quantity Demanded? Quantity demanded is a term used in economics to describe the total amount of a good or service that consumers demand over a given interval of time. It depends on the price of a good or service in a marketplace, regardless of whether that market is in equilibrium.
Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.
A change in supply leads to a shift in the supply curve, which causes an imbalance in the market that is corrected by changing prices and demand. An increase in the change in supply shifts the supply curve to the right, while a decrease in the change in supply shifts the supply curve left.
The correct answer to this question is A) A change in the price of marble rye.