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What is change in demand and change in quantity demanded?

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User Nubinub
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Answer:

Explanation:

Change in demand refers to a shift in the entire demand curve, either to the right or to the left, resulting in a higher or lower demand for a good or service, respectively. It can be caused by a variety of factors, such as changes in consumer preferences, changes in the price of related goods, changes in income, changes in the population, or changes in consumer expectations.

Change in quantity demanded, on the other hand, refers to a movement along the demand curve, resulting from a change in the price of a good or service, without any change in the underlying demand for the good or service. For example, if the price of a good decreases, the quantity demanded of that good will increase, and vice versa. This relationship between price and quantity demanded is known as the law of demand.

In summary, change in demand represents a shift in the demand curve, while change in quantity demanded represents a movement along the demand curve.

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User Matteo Boscolo
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