ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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supply
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price
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shifts in demand
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consumers
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Detailed explanation-1: -When the price of the commodity falls, the quantity demanded rises. It leads to the downward movement of the demand curve. It is also known as expansion of demand.
Detailed explanation-2: -Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.
Detailed explanation-3: -A change in the quantity supplied refers to movement along the existing supply curve, S0. This is a change in price, caused by a shift in the demand curve. Here’s one way to remember: a movement along a demand curve, resulting in a change in quantity demanded, is always caused by a shift in the supply curve.