The statement that would describe the shift from D1 to D2 is Demand for the product increased.
<h3>Why was there a shift from D1 to D2?</h3>
D2 is a curve that is to the right of D1 which means that it represents a higher level of demand for goods and services.
This means that for the demand to move from D1 to D2, there must have been an increase in the demand for the good or service and this could have been for any number of reasons including a reduction in the price of complimentary goods.
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The Chinese insurance market has grown at a furious pace in recent years and will surpass that of the United States by 2029.
A strong economy, government investment, consumer awareness, and technology are fuelling China's growth in the insurance sector.
China's biggest insurance companies are among the largest companies in the world.
Answer:
Depression
Explanation:
A business cycle is defined as the period that occurs between a boom and a contraction in an economy. A boom is rapid economic growth while a contraction is a period of slow economic growth.
There are 6 stages of business cycle: expansion, peak, recession, depression, trough, and recovery.
A recession is the early stage of a contraction in which demand for products start to decline and prices fall.
After a recession is depression. In this stage economic growth declines further, unemployment increases, consumer confidence is shaken and consumers reduce spending
Answer:
True.
Explanation:
A flat demand curve for a particular product indicates that the product is very sensitive to a change in the price level and on the other hand, a steeper demand curve indicates that any change in the price level doesn't have a effect on quantity demanded or have a little impact.
Elasticity of demand refers to the responsiveness of quantity demanded with any change in the level of price of the product.
The demand for these products is more elastic because a slightly change in the price level of a product will result in a large change in the quantity demanded for that product.
I think it’s b it is the most right played out