Micro Flashcards
1
Q
Recall and Explain Factors Effecting Elasticity of Demand
A
- Availability of Substitutes
- Proportion of Income spent on Product
- Time
- Degree of necessity
2
Q
Factors that shift Demand Curve
A
- Advertising
- Income
- Price of Substitutes
- Price of Complements
- Demographic Changes
3
Q
Factors that shift the Supply Curve
A
- Costs of Production
- Indirect Taxes
- Subsidies
- Changes in Technology
- Natural Factors
