increases when income increases.
decreases when population increases.
increases when population increases.
Gruel is an inferior good. Hence, a decrease in people’s incomes
When economists speak of preferences as influencing demand, they are referring to
An unusually warm winter
In 2000 there were 200,000 gas grills demanded at a price of $500. In 2001 there were more than
200,000 gas grills demanded at the same price.
This increase could be the result any of the following
an increase in the supply of gas grills.
an increase in income if gas grills are a normal good.
a fall in the price of natural gas, a complement for a gas grill.
an increase in population.
A change in the price of a good
shifts the good’s demand curve and also causes a movement along it.