Principles of Macroeconomics 7th Edition

Published by South-Western College
ISBN 10: 1-28516-591-8
ISBN 13: 978-1-28516-591-2

Chapter 4 - The Market Forces of Supply and Demand - Problems and Applications - Page 87: 3

Answer

a) Change in taste -> need larger minivans. Demand increases b) Input prices increases. Supply decreases c) Technology improves productivity. Supply increases d) Price of substitute rises. Demand increases e) Income decreases. Demand decreases

Work Step by Step

Visualize a supply and demand graph
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