Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
631 views
in Economics by (106k points)

Explain the meaning of change in quantity demanded. How does it affect demand curve?

1 Answer

0 votes
by (323k points)
selected by
 
Best answer

Change in quantity demanded is caused by the change in own price of the commodity, other things remaining constant. It has two aspects:

(i) Extension of demand: It occurs when quantity demanded increases in response to a fall in own price of the commodity.

(ii) Contraction of demand: It occurs when quantity demanded decreases in response to a rise in own price of the commodity.

When due to change in its own price, quantity demanded of a commodity changes, it is expressed by different points on the same demand curve. In case of extension of demand, it is downward movement and in case of contraction of demand, it is an upward movement on the same demand curve.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...