Asked by Alyamamah Saleh on Jul 09, 2024
Verified
An increase in demand is defined as an increase in the quantity that people are willing and able to purchase at
A) at least one price.
B) some prices.
C) all prices.
Increase in Demand
A situation where there is a rise in consumer desire to purchase goods and services, often leading to higher prices and greater sales volumes.
- Outline the components that cause alterations in the position of demand curves.
Verified Answer
OG
Obaapa GattyJul 15, 2024
Final Answer :
C
Explanation :
An increase in demand means that at all prices, the quantity that consumers are willing and able to purchase has increased. This is different from an increase in quantity demanded, which occurs at a specific price due to a movement along the demand curve. An increase in demand shifts the entire demand curve to the right.
Learning Objectives
- Outline the components that cause alterations in the position of demand curves.
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