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30 April, 05:34

From the list below, select the variable that will cause the demand curve to shift: A. The number of firms in the market B. The cost of raw materials C. Consumer income D. Technology and productivity

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  1. 30 April, 08:55
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    Option (C) is correct.

    Explanation:

    Consumer income is one of the main determinant of demand. Consumer income is related with the demand of normal and inferior good.

    If there is an increase in the income of a consumer then as a result the demand for a normal good increases and shifts the demand curve rightwards.

    If there is a fall in the income of the consumer then as a result the demand for a normal good also decreases and shifts the demand curve leftwards.

    Alternatively, the consumer income is inversely related with the demand for inferior goods.
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