Learning Path
Question & Answer
Choose the Best Answer
Increased consumer preferences for coffee due to the festival atmosphere.
Decreased prices of alternative beverages leading to less coffee purchase.
The coffee shop increased its prices, attracting more customers.
Consumers are purchasing more coffee because they have less disposable income.
Understanding the Answer
Let's break down why this is correct
When a festival happens, people feel more excited and want to try local treats. Other options are incorrect because Some think that if other drinks become cheaper, people will buy more coffee; Increasing the price of coffee would normally make people buy less, not more.
Key Concepts
Shifts in Demand Curve
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Deep Dive: Shifts in Demand Curve
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Definition
Shifts in the demand curve occur when factors other than price influence the quantity of a product demanded at each price level. Changes in consumer income, tastes, fashion trends, and prices of related goods can shift the demand curve either outward (increase in demand) or inward (decrease in demand).
Topic Definition
Shifts in the demand curve occur when factors other than price influence the quantity of a product demanded at each price level. Changes in consumer income, tastes, fashion trends, and prices of related goods can shift the demand curve either outward (increase in demand) or inward (decrease in demand).
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