2. TheMarketinquestionisthechickenmarket.If the price of beef rises, what do you expect to happen to the demand for chicken? A). Will the demand change (shift of the curve) of will the quantity demanded change (movement along the line)? Answer:______________________________________ B). If demand changes, will the curve shift to the right (increase in demand) or shift to the left (decrease in demand)? Please draw this on the graph above. C). If the demand changes, what is the factor or determinant affecting the change? Please see Supply/Demand Cheat Sheet...Hint: income (normal or inferior good, complement or substitute good), prices of related goods, tastes, expectations, population or numbers of buyers? Answer:_____________________________________
2. TheMarketinquestionisthechickenmarket.If the
A). Will the demand change (shift of the curve) of will the quantity demanded change (movement along the line)?
Answer:______________________________________
B). If demand changes, will the curve shift to the right (increase in demand) or shift to the left (decrease in demand)? Please draw this on the graph above.
C). If the demand changes, what is the factor or determinant affecting the change?
Please see Supply/Demand Cheat Sheet...Hint: income (normal or inferior good, complement or substitute good), prices of related goods, tastes, expectations, population or numbers of buyers?
Answer:_____________________________________
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