Question

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:

Answer 1

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.

To learn more about Shift in Demand refer to:

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