ENTRY TICKET: PRICE ELASTICITY

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Multiple Choice

Which among the scenario indicates an inward shift in the demand curve?

• A decrease in the price of a complementary good.

• An increase in consumer income for a normal good.

• A negative change in consumer preferences for a product.

• A decrease in the price of the product itself.

Draw

There's an increase in consumer income for a normal good.

Illustrate the shift in the demand curve.

Draw

The government launched a job fair for skilled workers which will be attended by individuals who TESDA has trained.

Illustrate the shift in the supply curve.