List five basic determinants of market demand that could cause demand to increase. (a) Consumers' tastes become (_more, less ) favorable toward the item. (b) The number of buyers ( increases, decreases ). PA (c) Incomes (rise, fall ) and the item is a normal good. (d) Incomes ( rise, fall ) and the item is an inferior good. (e)A(n) ( increase, decrease ) in the price of a substitute good. (f) A(n) ( increase, decrease ) in the price of a complementary good. Indicated direction with an arrow head. (g) Consumers expect ( higher, lower ) prices in the future. For example, workers who becomes fearful of losing their jobs may (g. increase, reduce, not change ) their demand for, say, vacation travel.

List five basic determinants of market demand that could cause demand to increase. (a) Consumers' tastes become (_more, less ) favorable toward the item. (b) The number of buyers ( increases, decreases ). PA (c) Incomes (rise, fall ) and the item is a normal good. (d) Incomes ( rise, fall ) and the item is an inferior good. (e)A(n) ( increase, decrease ) in the price of a substitute good. (f) A(n) ( increase, decrease ) in the price of a complementary good. Indicated direction with an arrow head. (g) Consumers expect ( higher, lower ) prices in the future. For example, workers who becomes fearful of losing their jobs may (g. increase, reduce, not change ) their demand for, say, vacation travel.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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