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4 February, 15:24

A shift in the demand curve can be caused by a change in one of the determinants of demand.

a. a change in the technology used by firms.

b. a change in the price of a good.

c. a change in the cost of production.

Which of the choices illustrates the law of demand?

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Answers (1)
  1. 4 February, 18:55
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    A - A change in the technology used by firms.

    Explanation:

    A change in technology can affect the demand of products and services. It can lead to the increased demand for a certain product, reducing the demand for an older product.

    With the use of technology to upgrade products and services, demand curves will continually shift, according to preferences of customers.

    Technology could be used by firms to produce upgrades and newer variations of products at more favorable prices for customers than existing products. This leads to competition and the demand for the newer device goes up since people see the new product as 'getting more for less'. A good example is computers and tablets. Tablets which could match up with the work of computers were produced at lower prices. This shifted the demand towards tablets, making computers more obsolete.
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