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Published byNathaniel Simon Modified over 8 years ago
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Factors the Affect Demand Unit 4.2
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More About the Demand Curve Law of Diminishing Marginal Utility – The second item will not give as much satisfaction as the first, and the third will give less than the second, and so on. Income Effect Substitution Effect
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Change in Quantity Demanded Changes along a demand curve when price changes
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Change in Demand Moving the Curve – Factors other than price will move the curve Six factors – Income Normal goods Inferior goods – Market size – Consumer taste – Consumer expectations – Substitute goods – Complimentary goods
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