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Distinguish between 'change in demand' and change in quantity demanded. |
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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. |
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