ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The demand curve shifts when the quantity of a product or service demanded at each price level changes. If the quantity demanded at each price level increases, the demand curve shifts rightward. Inversely, if the quantity demanded at each price level decreases, the demand curve will shift leftward.

Detailed explanation-2: -As the price of Pepsi experience a rise, it becomes relatively costlier to consume, and therefore, people shift towards the consumption of coke. This increases the quantity demanded of coke at the same price and as such, the demand curve for coke shifts towards the right.

Detailed explanation-3: -As we can see on the demand graph, there is an inverse relationship between price and quantity demanded. 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.

Detailed explanation-4: -A demand curve represents the relationship between the price of a good or service and the quantity demanded for a given period of time. Typically, as the price rises, the demand falls; as a result, the curve slopes down from left to right.