Answer:
A change in quantity demanded refers to a variation in the amount of a good or service that consumers are willing and able to purchase, given the same price. The change in quantity demanded can be either an increase or a decrease.
Step-by-step explanation:
There are several factors that can cause a change in quantity demanded:
Price change: A change in the price of a good or service can cause a change in the quantity demanded. If the price of a good or service increases, the quantity demanded will decrease (assuming everything else remains constant), and if the price decreases, the quantity demanded will increase.
Income: A change in consumer income can cause a change in the quantity demanded. If income increases, consumers may be able to afford to buy more of a good or service, which will cause the quantity demanded to increase. If income decreases, consumers may not be able to afford as much, which will cause the quantity demanded to decrease.
Tastes and preferences: Changes in tastes and preferences can also cause a change in quantity demanded. For example, if a new trend or fashion becomes popular, consumers may start to demand more of the goods or services associated with that trend.
Expectations: Consumers' expectations about future prices, availability, and income can also cause changes in the quantity demanded. For example, if consumers expect the price of a good or service to increase in the future, they may buy more of it now, which will cause the quantity demanded to increase.
Number of buyers: The number of buyers in the market can also affect the quantity demanded. An increase in the number of buyers will increase the quantity demanded, while a decrease will decrease the quantity demanded.