ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Shift in demand
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Shift in supply
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Either A or B
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None of the above
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Detailed explanation-1: -As style and the desire to consume certain items increases or decreases, it will cause a shift in the demand curve.
Detailed explanation-2: -Demand will be influenced by the taste and preference of the consumer positively. If the tastes and preferences are positive then demand will be increased and vice versa.
Detailed explanation-3: -A change in demand represents a shift in consumer desire to purchase a particular good or service, irrespective of a variation in its price. The change could be triggered by a shift in income levels, consumer tastes, or a different price being charged for a related product.
Detailed explanation-4: -Answer and Explanation: Changes in tastes of consumers shift the demand curve. If consumer tastes change so that they like a product more, the demand curve shifts to the right. This is because consumers now want to buy more of the product at all prices.
Detailed explanation-5: -Change in tastes and preferences of the consumers in favour of the commodity will shift the demand curve of the commodity to the right.