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Distinguish between : (a) individual demand and market demand , (b) Change in demand and change in quantity demanded.

Answer» <html><body><p></p>Solution :(a) Individual demand refers to the quantity of a commodity that a <a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</a> is willing and able to <a href="https://interviewquestions.tuteehub.com/tag/buy-391430" style="font-weight:bold;" target="_blank" title="Click to know more about BUY">BUY</a>, at different possible prices during a specific period of time.On the other hand, Market Demand refers to the quantity of a commodity that all consumers are willing and able to buy, at each possible price during a specific period of time. <br/>Market demand is horizontal summation of all the individual demands. <br/>Factors affecting demand for a good by an individual are :- <br/>(b) (i) When the quantity demanded changes due to a change in own price of the commodity, keeping other factors constant, it is known as change in quantity demanded whereas when the demand changes due to a change in other factors other than the price of the commodity, it is known as change in demand.<br/>(ii) Change in quantity demanded leads to a <a href="https://interviewquestions.tuteehub.com/tag/movement-1104563" style="font-weight:bold;" target="_blank" title="Click to know more about MOVEMENT">MOVEMENT</a> along the demand <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> whereas change in demand leads to a <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> in the demand curve.</body></html>


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