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Question
Give economic terms:
A situation where more quantity is demanded at a lower price.
Solution
Expansion of demand
Explanation:
Expansion of demand refers to a rise in quantity demanded due to a fall in price alone, while other factors like tastes, the income of the consumer, the size of the population, etc., remain unchanged. Demand moves in a downward direction on the same demand curve.
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RELATED QUESTIONS
Distinguish between:
Expansion of demand and Contraction of demand.
Explain the diagram:
- The diagram represents _______ in demand.
- In the diagram, A movement of the demand curve is in ______ direction.
Explain the diagram:
- The diagram represents ______ in demand.
- In the diagram, the movement of the demand curve is in ______ direction.
Explain the concepts of variation and changes in demand with the help of diagrams.
Distinguish between:
Expansion of demand and Contraction of demand
Give an economic term:
Other factors remain constant, demand falls due to a rise in price.
Complete the correlation:
Rise in price : Contraction of demand : : Fall in price : ______.
When less units are demanded at high price it shows ______.
