Learning Outcome:Know the factors that shift the demand curve and in words describe how a specific event (e.g. a change in income) may affect the demand curve.

For each event, determine which graph illustrates the effect:

Which of the graphs depicts the effect of an decrease in the price of the Ford F-150 truck on the demand for the Chevrolet Silverado truck ?

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Which of the graphs depicts the effect of a decrease in the price of TVs on the demand curve for TVs?

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Assume that TVs and streaming services are complementary goods. Which graph depicts the effect of a promotional discount that decreases the price of streaming services on the demand for TVs?

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Which of the graphs depicts the effect of an increase in income on the demand for new cars (a normal good)?

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Which of the graphs depicts the effect of an increase in income on the demand for bus tickets (an inferior good)?

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Graph A Graph B Price Price (dollars) P (dollars) Q Q2 Q Q Quantity Quantity (units per time period) (units per time period) Graph C Graph D P Price Price (dollars) (dollars) D. D Q2 Q Q2 Quantity Quantity (units per time period) (units per time period)