Multiple Choice
Which of the following best describes the difference between a change in demand and a change in quantity demanded?
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3. The Market Forces of Supply and Demand
The Demand Curve
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Which of the following is NOT considered a determinant of demand for a good?
A
Consumer tastes and preferences
B
Consumer income
C
The cost of production
D
The price of related goods
Verified step by step guidance1
Understand that determinants of demand are factors that cause the demand curve to shift, other than the good's own price.
Recall common determinants of demand include consumer tastes and preferences, consumer income, and the prices of related goods (substitutes and complements).
Recognize that the cost of production affects the supply side, not the demand side, so it is not a determinant of demand.
Compare each option to the list of demand determinants to identify which one does not belong.
Conclude that 'The cost of production' is NOT a determinant of demand because it influences supply, not demand.
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