Asked by
Francisco Azevedo
on Dec 11, 2024
Verified
For a typical product, an increase in consumer income will cause the market demand for the product to
A) decrease, which is a shift to the left of the demand curve.
B) decrease, which is a shift to the right of the demand curve.
C) increase, which is a shift to the left of the demand curve.
D) increase, which is a shift to the right of the demand curve.
Consumer Income
The total amount of income a consumer or household earns from various sources, including employment, investments, and benefits, which impacts their spending and saving behaviors.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded at those prices.
- Perceive the contribution of consumer income and preferences to demand dynamics.
Verified Answer
AH
Learning Objectives
- Perceive the contribution of consumer income and preferences to demand dynamics.