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Identify and describe four factors that will cause a demand curve for gasoline to shift to the left or decline. What will the likely effect on prices

Sagot :

KDarrigan

Answer:

four factors that could potentially cause a leftward shift in the demand curve for gasoline include

higher prices in gasoline

substitutes for gasoline available at lower prices

substitutes for complementary products (such as electric vehicles) being available at lower prices

changes in consumer income or purchasing power

Explanation:

higher gas prices will have a negative impact on consumer purchasing power, resulting in a decline in demand for the product

substitutes for gasoline, such as diesel or natural gas, at lower prices will cause demand for said substitutes to increase, resulting in a decline in demand for gasoline

complementary products to gasoline are gas-powered vehicles. when demand in a complementary product decreases, so will the demand in the initial product--in this case, gasoline

when consumer income declines, consumer purchasing power declines; this results in a decline in demand for products, such as gasoline

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