ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Change in quantity demanded
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Change in income
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Change in demand
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Change in supply
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Detailed explanation-1: -If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.
Detailed explanation-2: -A change in quantity demanded is represented as a movement along a demand curve. The proportion that quantity demanded changes relative to a change in price is known as the elasticity of demand and is related to the slope of the demand curve.
Detailed explanation-3: -expansion or contraction in demand.
Detailed explanation-4: -An increase in demand happens when more is purchased at the same price and the same quantity is purchased at a higher price. A decrease in demand happens when less is purchased at the same price or the same quantity at a lower price.
Detailed explanation-5: -The demand for a good decreases, if the price of one of its complements rises. The demand for a normal good increases if income increases. The demand for an inferior good decreases if income increases. Expected future income and expected future prices influence demand today.