What is ‘effective individual demand’. for a product?
The quantity demanded by wealthy consumers.
The quantity that a consumer wants to buy and has the money to buy it in a time period
The quantity of a good or service that all consumers in the market are willing and able to buy at a given price in a time period.
The maximum price that
Which of the following options causes a contraction in demand along the demand curve?
An increase in consumers’ incomes
An increase in the price of the product
A decrease in the price of a substitute product
There is an adverse change in consumer . tastes
Which option or options can cause a forward shift in the demand curve for an inferior product?
A increase in the price of the product
A fall in consumers’ incomes.
An increase in the price of a substitute good
A decrease in price of a complementary good
