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Author Question: Explain the difference between a change in quantity demanded and a change in demand. What will be ... (Read 115 times)

Marty

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on: Jun 30, 2018
Explain the difference between a change in quantity demanded and a change in demand.
 
  What will be an ideal response?

Question 2

Which of the following correctly describes a final good?
  i. A final good is bought by its final consumer.
  ii. A final good can be used by a firm as a component of another good or service.
  iii. Investment goods cannot be a final good.
 
  A) ii and iii B) i and iii C) i and ii D) i, ii and iii E) i only


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DHRUVSHAH

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Reply #1 on: Jun 30, 2018
Answer to Question 1

A change in quantity demanded of a product is caused by a change in the price of the product. It is represented by a movement along the product's demand curve. A change in demand for a product is caused by a change in a variable other than the price of the product. It is represented by a shift of the demand curve.

Answer to Question 2

E


Marty

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

billybob123

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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