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Chapter 3: 23 (page 48)

Name some factors that can cause a shift in the

demand curve in markets for goods and services.

Short Answer

Expert verified

Demand for the good and the price of commodity etc are the reason for shift in demand curve.

Step by step solution

01

factors affect the shift in demand curve are as given below;

price of commodity,price of related gooods,income of the consumer,size of population

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Most popular questions from this chapter

Will supply curves have the same shape in all

markets? If not, how will they differ?

Does a price ceiling attempt to make a price higher

or lower?

How does a price ceiling set below the equilibrium

level affect quantity demanded and quantity supplied?
  1. Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. In each case, state how the event will affect the supply and demand diagram. Create a sketch of the diagram if necessary.
    a. Cars are becoming more fuel efficient, and therefore get more miles to the gallon.
    b. The winter is exceptionally cold.
    C. A major discovery of new oil is made off the coast of Norway.
    d. The economies of some major oil-using nations, like Japan, slow down.
    e. A war in the Middle East disrupts oil-pumping schedules.
    f. Landlords install additional insulation in buildings.
    g. The price of solar energy falls dramatically.
    h. Chemical companies invent a new, popular kind of plastic made from oil.

Name some factors that can cause a shift in the demand curve in markets for goods and services.
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