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Introduction to Economics 1
Introduction to Economics 1 Deneme Sınavı
Introduction to Economics 1 Deneme Sınavı Sorusu #730879
Introduction to Economics 1 Deneme Sınavı Sorusu #730879
Which of the following is not a variable affecting the slope of the Quantity-Price plane?
Seasons |
Changes in prices |
Expectations |
Tastes and preferences |
Prices of related goods |
Yanıt Açıklaması:
The nature, the slope and the position of the demand curve are determined by different factors. The slope and the curvature of the demand curve are the consequences of consumer responses to the changes in prices under ceteris paribus conditions. There are two channels in which these responses are shaped: Income effect and substitution effect. The position of the demand curve on the Quantity-Price plane is influenced by nonprice factors such tastes and preferences, income, prices of related goods, population, seasons and expectations. The correct answer is C.
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