Question

Draw a neat labelled diagram of a demand curve.

Answer 1

Let us make an in-depth study of the shifts in demand and supply.

So long we have examined how markets work when the only factor that influences demand and supply is the price of the commodity under consideration.

To do this, we made use of the ceteris paribus assump­tion and held all other factors which influence demand and supply constant. We may now relax the assumption in order to see how changes in the conditions of supply and demand (i.e., changes in other variables) affect market price and quantity.

Answer 2

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