Practise defining effective demand, aggregating individual curves and distinguishing movements from shifts when income, related prices, costs, technology or policy changes.
A change in which factor will be least likely to alter a consumer's ability to pay for a product?
a consumer's income
a consumer's tastes
a change in the price of the product
a fall in the tax on goods and services
B
What most accurately describes a market supply curve?
supply at different income levels, assuming product prices remain unchanged
supply at different levels of factor prices, assuming product prices remain unchanged
supply at different prices, assuming no changes in technology
supply at different time periods, assuming no changes in technology
C
What is likely to affect the position of the demand curve for tickets to pop concerts but not the position of the supply curve?
a change in incomes of potential customers
a change in price of tickets to the concerts
a change in rents charged by venue owners
a change in seating capacity of concert venues
A