Question

What are the determinants of demand? what happens to the demand curve when any of these determinants change? distinguish between a change in demand and a movement along a fixed demand curve.

Answer 1

Determinants of demand includes following:

• Price of the Product
• Income of the Consumers
• Prices of related goods or services
• Consumer Expectations
• Number of Buyers in the Market

When any of determinants of demand changes, the demand curve shifts to the right. This indicates that even while the price remains the same, there is a greater demand for the commodity or service.

Demand curve movement happens along the curve, whereas demand curve shift occurs when the determinant of demand relationship changes and causes the demand curve to shift. When changes in quantity demanded are correlated with changes in the commodity's price, the demand curve moves along.


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