CBSE Class 11-commerce Answered
explain shifts in demand and supply with diagram
Asked by reshmamangalagi44 | 29 Mar, 2020, 10:28: AM
Expert Answer
Shifts in demand:
- Occur when there is change in any factor other than its own price. It is also known as change in demand.
- Reasons for shift in the demand curve can be - Change in income, change in price of substitute goods, change in taste and preferences etc.
- The change in demand can be either an Increase in demand [Rightward shift of the demand curve] or Decrease in demand [Leftward shift of the demand curve].
Shifts in supply:
- Occur when there is change in any factor other than its own price. It is also known as change in supply
- Reasons for shift in the supply curve can be - Change in price of factors of production, change in state of technology, change in taxation policy etc.
- The change in supply can be either an Increase in supply [Rightward shift of the supply curve] or Decrease in supply [Leftward shift of the supply curve]
To know shifts in demand and diagram Click here
To know shifts in supply and diagram Click here
Answered by Christina | 30 Mar, 2020, 09:18: AM
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