Business, 12.07.2019 19:30 callie2411
Demand curves are drawn with determinants other than the price of the good held constant. these other determinants, called ceteris paribus conditions, are (1) â–¼ income input prices , (2) â–¼ tastes and preferences technology and productivity , (3) â–¼ prices of related goods taxes and subsidies , (4) â–¼ expectations of future relative prices expectations about future prices and incomes , and (5) â–¼ the number of potential buyers in the market the number of firms in the industry at any given price. if any one of these determinants changes, the demand curve will shift to the right or to the left. a change in demand comes about only because of a change in the â–¼ ceteris paribus price conditions of demand. this change in demand is a shift in the demand curve to the left or to the right. a change in the quantity demanded comes about when there is a change in the price of the good (other things held constant). such a change in quantity demanded involves a â–¼ movement along shift in a given demand curve.
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Demand curves are drawn with determinants other than the price of the good held constant. these othe...
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