CBSE Class 12-commerce Answered
What are the effects of change in quantity demand and change in demand?
Asked by Topperlearning User | 25 Apr, 2016, 10:55: AM
Expert Answer
Change in quantity demanded:
- Movements along the demand curve
- Extension of demand caused by decrease in price of the same good
- Contraction of demand caused by increase in price of the same good.
Change in demand:
- Shifts in the demand curve
- Decrease in demand or backward shift in demand curve caused by change in factors other than price of the good
- Increase in demand or forward shift in demand curve caused by change in factors other than price of the good
Answered by | 25 Apr, 2016, 12:55: PM
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