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Chapter 4 Section 2 Shifts in the Demand Curve
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Changes in Demand Ceteris paribus – “all other things held constant” Demand curve is only accurate if no other changes outside of price Price change, you move along the curve Affects change in quantity demanded
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Shifts in Demand Shift in demand to the right Shift in demand to the left
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What Causes Shift Income Consumer Expectations Population Demographics Consumer Tastes and Advertising
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Prices of Related Goods Complements Two goods that are bought and used together Ex: Peanut Butter and Jelly Substitutes Goods that are used in place of one another Ex: Butter and Margarine
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