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90) some of those shift factors are listed below.
Shift Factors of Supply (pg. 90) Shift Factors of Demand (pg. 83)
1. Price of Inputs 1. Society’s income
2. Technology 2. The prices of other goods.
3. Expectations 3. Tastes
4. Taxes and Subsidies 4. Expectations
5. Taxes on and subsidies to consumers
As an example, a shift in demand could result if society’s tastes were to suddenly change to vegetarianism...
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Expectations 3. Tastes
4. Taxes and Subsidies 4. Expectations
5. Taxes on and subsidies to consumers
As an example, a shift in demand could result if society’s tastes were to suddenly change to vegetarianism. As most grills are used to cook meet and vegetarians eat only vegetables, this would most likely result in a serious demand shift to the left, meaning consumers would want far fewer grills at all price points...
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