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Question 2 (2 points)

Which of the following events could shift both the demand curve and the supply curve for a good?

a) A technological advance pertaining to the production of the good is observed.

b) Incomes of all buyers of the good increase.

c) The number of sellers of the good increases.

d) Everyone revises upward their expectation of next month's price of the good.



Answer :

GinnyAnswer

Final answer:

Technological advances and increased needs can shift supply and demand curves in a market.


Explanation:

An improvement in technology that reduces the cost of production will cause an increase in supply, leading to a rightward shift in the supply curve. On the other hand, an increase in need causes an increase in demand, resulting in a rightward shift in the demand curve.


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