ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Goods with more elastic demand are those for which a change in price leads to a significant shift in demand.

Detailed explanation-2: -The relationship between the supply and demand for a good (or service) and changes in price is called elasticity. Goods that are inelastic are relatively insensitive to changes in price, whereas elastic goods are very responsive to price.

Detailed explanation-3: -A change in price causes a movement along the supply curve; such a movement is called a change in quantity supplied. As is the case with a change in quantity demanded, a change in quantity supplied does not shift the supply curve. By definition, it is a movement along the supply curve.

Detailed explanation-4: -A movement along a demand curve that results from a change in price is called a change in quantity demanded. Note that a change in quantity demanded is not a change or shift in the demand curve; it is a movement along the demand curve.

Detailed explanation-5: -There is a movement along the demand curve when the quantity wanted of a single commodity changes due to a change in price, while all other factors remain constant. The demand curve shifts when the amount required of a particular commodity changes at each possible price due to a change in one or more other factors.