________ and ___________ do not directly affect the demand curve ?
Correct answer: C. the costs of production bank opening hours
- A. the price of related goods consumer income
- B. consumer incomes, tastes
- C. the costs of production bank opening hours
- D. the price of related goods preferences
Explanation
Production costs affect supply rather than demand, while bank opening hours are not a standard determinant of market demand. Income, tastes, preferences, and related-good prices can shift demand.
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About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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Exams that ask Economics questions like this
Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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