Question

1. Define demand and write the points that cause shift in demand. (Shifters)
2. what is the difference between change in demand and change in quantity demand. Explain with the help of diagram

Answer 1

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Answer 2

Answer:

In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time. The relationship between price and quantity demanded is also known as the demand curve.

Demand for goods and services is not constant over time. As a result, the demand curve constantly shifts left or right. There are five significant factors that cause a shift in the demand curve: income, trends and tastes, prices of related goods, expectations as well as the size and composition of the population.