Consider the market demand for wine. Complete the following table by indicating whether an event will cause a movement along the demand curve for wine or a shift of the demand curve for wine, holding all else constant. Event Movement Along Shift An increase in the number of consumers A decrease in the price of wine An increase in income of consumers
Consider the market demand for wine. Complete the following table by indicating whether an event will cause a movement along the demand curve for wine or a shift of the demand curve for wine, holding all else constant. Event Movement Along Shift An increase in the number of consumers A decrease in the price of wine An increase in income of consumers
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Movements along versus shifts of demand curves
Consider the market demand for wine.
Complete the following table by indicating whether an event will cause a movement along the demand curve for wine or a shift of the demand curve for wine, holding all else constant.
Event
|
Movement Along
|
Shift
|
|
---|---|---|---|
An increase in the number of consumers |
|
|
|
A decrease in the price of wine |
|
|
|
An increase in income of consumers |
|
|
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