Explain three factors that can cause a shift in demand curve
Problem
1. With the aid of appropriate diagram(s), explain three factors that can cause a shift in the demand curve.
2. What is the distinction between the income effect and substitution effect?
3. Distinguish between giffen good and inferior good.
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Explain three factors that can cause a shift in the demand curve. What is the distinction between the income effect and substitution effect?
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