The change in the quantity of a good, service, or resource that consumers, firms, and governments are willing and able to buy due to a change in its price is called:

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05-07-2022
Business

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The change in the quantity of a good, service, or resource that consumers, firms, and governments are willing and able to buy due to a change in its price is called:

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vipinkumar69547 vipinkumar69547 · Answer 1 · 2022-07-13T10:06:47-04:00

The change in the quantity of a good, service, or resource that consumers, firms, and governments are willing and able to buy due to a change in its price is called a Shift in Demand.

Shift in Demand

When a fundamental driver of demand changes, the location of the demand curve will move to the left or right.
The demand curve shifts to the right to indicate increases in demand. A rise in income, an increase in the cost of a substitute, or a decrease in the cost of a complement could all contribute to this.
An increase in the quantity needed at every price results from a movement in demand to the right. For instance, if drinking coke gets more popular, demand will rise regardless of price.

Hence, the change in the quantity of a good, service, or resource that consumers, firms, and governments are willing and able to buy due to a change in its price is called a Shift in Demand.

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Shift in Demand

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