Economics · Theory of Demand
Which of the following statements regarding the demand curve is NOT correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The demand curve for a good is drawn assuming consumer income, preferences, and prices of other goods remain constant.
- 2If a consumer's income increases, the demand curve for a normal good shifts to the right.
- 3If the price of a substitute good increases, the demand curve of the primary good shifts to the left.✓
- 4If consumer preferences change in favor of a good, its demand curve shifts to the right.
Correct answer
If the price of a substitute good increases, the demand curve of the primary good shifts to the left.
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