-Refer to Exhibit 3-3.A shift in demand from D₁ to D₂ can NOT occur from a change in the A) population. B) price of a substitute for good Y. C) average income of good Y buyers. D) price of good Y.

Question

Quizplus · Accepted Answer

A shift in demand, such as from D₁ to D₂, is caused by factors other than the price of the good itself. Changes in population, the price of substitutes, and average income can all shift demand. However, a change in the price of good Y itself would move the quantity demanded along the demand curve, not shift the entire demand curve.

​ ​-Refer to Exhibit 3-3.A Shift in Demand from D1 to D1

-Refer to Exhibit 3-3.A Shift in Demand from D₁ to D₁