what is extension of demand and increasing in demand?
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Difference between extension of demand and increase in demand. Extension of demand refers to increase in quantity demanded due to decrease in own price of the commodity while increase in demand refers to increase in quantity demanded even when own price of the commodity is constant.
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Extention or Expansion of Demand
Extension or expansion of demand refers to the rise in quantity demanded of a commodity due to the fall in its own price. Expansion or Extension occurs when the curve moves downward (up to down) along the demand curve.
Increase in Demand
Increase in Demand occurs when the consumers purchases a larger amount of a Commodity at its same price due to a change in factors other than its own price of the Commodity. Increase in Demand occurs when the demand curve shifts rightward (left to right) .
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