Question

define the term increase in demand

Answer 1

Answer:

Increase in demand - Increase in demand refers to a situation when the consumers buy a larger amount of a commodity at the same existing price. Factors affecting price elasticity of demand: ... If consumers are habitual of consuming some commodities, they will continue to consume these even at higher prices.

Answer 2

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⇒Increase in demand refers to a situation when the consumers buy a larger amount of a commodity at the same existing price. ... If consumers are habitual of consuming some commodities, they will continue to consume these even at higher prices. The demand for such commodities will be usually inelastic.

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