Economics · Theory of Demand
Which of the following statements is NOT correct regarding the demand curve?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1If the price of a substitute good increases, the demand curve for the given good shifts leftward.✓
- 2If a consumer's preference changes in favour of a good, its demand curve shifts rightward.
- 3The demand curve for an inferior good shifts leftward when the consumer's income increases.
- 4The demand curve for a normal good shifts rightward when the consumer's income increases.
Correct answer
If the price of a substitute good increases, the demand curve for the given good shifts leftward.
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