Saved Bookmarks
| 1. |
Distinguish between a change in quantity demanded and a change in demand of a commodity. |
|
Answer» Solution :(i) Change in QUANTITY demanded is the change in DEMAND caused by a change in own price of the commodity whereas change in demand REFERS to change in demand of the commodity caused by a change in other factors affecting the demand for that commodity other than the own price of the commodity. (II) Change in quantity demanded leads to a movement along the demand curve whereas change in demand leads to a shift in the demand curve. |
|