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Question
Define or explain the following concept:
Increase in demand
Solution
When the demand for a good increases with the change in factors other than the price of the good, it is called increase in demand. Some of the factors that lead to increase in demand is rise in income, developing a taste and preferences for the commodity, rise in the price of related goods, etc. Graphically, an increase in demand is represented by a parallel rightward shift of the demand curve.
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