ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -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-3: -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-4: -Answer and Explanation: A change in consumers’ tastes and preferences leads to a shift in the demand curve.

Detailed explanation-5: -A favorable change in consumer tastes means that more of it will be demanded at each price. An unfavorable change in consumer preferences will decrease demand.