#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
the only thing that can cause a movement along the demand curve is a change in a good’s own-price
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Open itrcepts have both increased, resulting in an outward shift in the demand curve, as shown in Exhibit 2.
Exhibit 2. Household Demand Curve for Gasoline before and after Change in Income
In general, <span>the only thing that can cause a movement along the demand curve is a change in a good’s own-price. A change in the value of any other variable will shift the entire demand curve. The former is referred to as a change in quantity demanded, and the latter is referred to as a change in
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