ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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income effect
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change in quantity demanded
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shift in quantity demanded
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complement effect
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Detailed explanation-1: -(a) MEANING OF MOVEMENT ALONG THE DEMAND CURVE Keeping all other factors the same, when there is a change in demand of a commodity due to change in price, it is referred to as the change in quantity demanded. It is shown as a movement along the demand curve when expressed graphically.
Detailed explanation-2: -** The demand schedule shows that as price rises, quantity demanded decreases, and vice versa. These points are then graphed, and the line connecting them is the demand curve. The downward slope of the demand curve again illustrates the law of demand-the inverse relationship between prices and quantity demanded.
Detailed explanation-3: -A demand curve illustrates the quantity demanded and any price offered on the market. A change in quantity demanded is represented as a movement along a demand curve.