Asked by
Cipbarani Dwi Nastiti
on Dec 11, 2024
Verified
Other things constant, an increase in consumer income will
A) shift the demand curve for automobiles to the left.
B) shift the demand curve for automobiles to the right.
C) cause a movement along the demand curve for automobiles, but it will not shift the demand curve.
D) lead to a reduction in the supply of automobiles.
Consumer Income
The total amount of income earned by consumers, influencing their purchasing power and demand for goods and services in the economy.
Demand Curve
A graphical representation showing the relationship between the price of a product and the quantity of the product demanded at those prices.
- Gain insight into the impact of consumer income and preferences on demand fluctuations.
Verified Answer
CE
Learning Objectives
- Gain insight into the impact of consumer income and preferences on demand fluctuations.