Economics ( Demand Theory)

Which of the following could lead to an extension or contraction of the demand curve.

• Price of that product

• Price of other goods

• Change in consumer tastes

• Habit forming in consumption of a product

All other factors shift the demand curve for an economics textbook, except

• An increase in the price of a substitute textbook

• Increase in the number of people studying economics

• A change in people's incomes

• A change in the price of an economic textbook

Explain what is meant by effective demand

A fall in income could cause a demand curve to shift to the left.true/false

When the price of a commodity x is reduced,the demand for the commodity y falls.Good x and y are said to be.

• Jointly demanded

• Competitively demanded

• Competitively supplied

• Jointly supplied