List three specific things that would cause the demand forride-share services (i.e., Uber or Lyft) to shift. Use threedifferent categories (all 5 listed below) of demand-shifters inyour answer.
- Changes in Income
- Normal good – a good for which a positive relationship existsbetween changes in consumer income and changes in demand
- Inferior good – a good for which an inverse relationship existsbetween changes in consumer income and changes in demand
- Prices of related goods
- Substitutes – goods for which a positive relationship existsbetween changes in the price of one and changes in demand for theother
- Complements – goods for which an inverse relationship existsbetween changes in the price of one and changes in demand for theother
- Changes in Consumer Tastes
- Changes in Consumer Expectations
- Changes in Price Expectations
- Changes in Income Expectations
- The size of the market
