GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Shifts in demand curve include
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Extention in demand
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Contraction in demand
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Increase in Demand (Upward shift)
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None of the above
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Explanation:
Detailed explanation-1: -Rightward Shift denotes a rise in demand at the same price due to a favourable shift in non-price variables. Leftward Shift: When the price remains constant, but other factors move unfavourably, this indicates a drop in demand.
Detailed explanation-2: -These changes in demand are shown as shifts in the curve. Therefore, a shift in demand happens when a change in some economic factor other than price causes a different quantity to be demanded at every price.
Detailed explanation-3: -When the price increases from OP to OP”, the quantity demanded falls to OL. Also, the demand curve moves UPWARD. When the price decreases from OP to OP’, the quantity demanded rises to ON. Also, the demand curve moves DOWNWARD.
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