C Describe causes of shifts in and movements along demand and supply curves

Question 1

Demand Curve Shift (A change in one of the independent variables other than price)

Answer 1

Income, substitutes, complements, taste, population, expected prices, etc

Demand is affected by changes in consumer tastes and typically increases (shifts to the right) with increases in income, increases in the price of substitute goods, or decreases in the price of complementary goods.

Question 2

Demand curve movements (Movement along the curve)

Answer 2

Price changes which change the quantity supplied or demanded.

Question 3

Supply curve movements

Answer 3

Price Changes

Question 4

Supply curve shifts

Answer 4

Technology, Price of Inputs, Sales Tax, Expected Prices, etc aka changes in the prices of inputs

Supply is increased (shifted to the right) by advances in production technology and by decreases in input prices (prices of factors of production).