Answer:
A change in demand describes a shift in consumer desire to purchase a particular good or service, irrespective of a variation in its price. The change could be triggered by a shift in income levels, consumer tastes, or a different price being charged for a related product.
KEY TAKEAWAYS
A change in demand represents a shift in consumer desire to purchase a particular good or service, irrespective of a variation in its price.
The change could be triggered by a shift in income levels, consumer tastes, or a different price being charged for a related product.
An increase and decrease in total market demand is represented graphically in the demand curve.
Explanation:
