ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A shift in the demand curve means ____
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a change in demand at every price
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a rise in prices
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a decrease in both price and quantity demanded
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a change in consumer income
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Explanation:
Detailed explanation-1: -Shift of the demand curve to the right indicates an increase in demand at the same price because a factor, such as consumer trend or taste, has risen for it. A shift to the left displays a decrease in demand at the same price because another factor, such as number of buyers, has slumped.
Detailed explanation-2: -A change in the price of a good or service causes a movement along a specific demand curve, and it typically leads to some change in the quantity demanded, but it does not shift the demand curve.
Detailed explanation-3: -b) If price falls and quantity demanded increases, this is represented by a shift of the demand curve.
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