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Chapter 3: Q. 3.3 (page 49)

Distinguish between changes in demand and changes in quantity demanded

Short Answer

Expert verified

Change in demand refers to change in the demand function, whereas change in quantity demanded simply refers to at what price, how much quantity is demanded.

Step by step solution

01

Step1. Introduction

Law of demand:

States that there exists an inverse relationship between quantity demanded and price of the good.

02

Step2. Explanation

Change in demand refers to the shift of demand curve, that is the change in the demand function of a consumer due to change in factors like income, preferences, etc.

Change in quantity demanded can rather be linked with the movement along the demand curve, i.e. how the quantity that a particular consumer wants changes with the change in prices in the market.

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