8.Expansion and Contraction of demand for a good occurs as a result of _______ (a)Change in price of the Commodity (b)Change in Quality of the Commodity (c) Availability of Cheaper Substitutes (d) Increase in Consumer Income
Answers
Answer:
change in quality of the commodity is the answer option b
Explanation:
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Answer:
Expansion and Contraction of demand for a good occurs as a result of change in price of the commodity.
Explanation:
The income effect or substitution effect causes an increase or decrease in demand. If a thing is a standard good, a person can have the same level of enjoyment for less money when the price of the good decreases. In this situation, the consumer can spend more money on more products.
Expansion and Contraction of demand for a good occurs as a result of change in price of the commodity.
When a product's price drops, there is an increase in demand, which is referred to as an expansion of demand. Yet, demand contraction occurs when there is a decrease in quantity demanded as a result of an increase in product price.
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