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10 October, 15:50

A decrease in consumer preference for a product, other things being equal, will cause: a decrease in supply. market demand to shift to the left. market demand to shift to the right. quantity demanded is not a price function.

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  1. 10 October, 16:20
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    The correct answer to the following question is option B) market demand curve would shift to left.

    Explanation:

    As per the ceteris paribus assumption, all the other factors remaining same, only the price is a factor which can cause a change in demand curve. But actually there are other factors like income, inferior goods, substitute goods, change in consumers taste and preference that can cause a change in demand curve.

    When assuming other things remaining same and there is only decrease in consumer preference, then it means there will be decrease in quantity demanded by people and this will cause demand curve to shift towards left.
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