ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consumer tastes
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Income effect
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Change in demand
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Change in supply
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Detailed explanation-1: -is an increase or decrease in the amount demanded because of a price change. occurs when something prompts consumers to buy different amounts at every price. are goods that consumers demand more of when their income rises. are goods that consumers demand less of when their incomes rise.
Detailed explanation-2: -A shift in the demand curve means that at every price, consumers buy a different quantity than before. This is called a change in demand. What Causes a Shift? Shifts in the demand curve are affected by things such as income, consumer expectations, population, and advertising.
Detailed explanation-3: -Price Elasticity of Demand The proportion to which the quantity demanded changes with respect to price is called elasticity of demand.
Detailed explanation-4: -Economists call this the Law of Demand. 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.
Detailed explanation-5: -Short-run demand refers to how people will immediately react to price changes while elements are fixed.