ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A change in quantity demanded can be caused by
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income.
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preferences.
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price.
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price of a substitute.
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Explanation:
Detailed explanation-1: -An increase in quantity demanded is caused by a decrease in the price of the product (and vice versa). A demand curve illustrates the quantity demanded and any price offered on the market. A change in quantity demanded is represented as a movement along a demand curve.
Detailed explanation-2: -Besides the price of the product, other factors exist that determine the changes in quantity demanded. These factors are changes in the taste and preferences of the consumers, population, income changes, technologies, and more. Even climatic change can result in a change in demand for a particular product.
Detailed explanation-3: -downward shift of the demand curve.
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