Question

A. Define “demand” as an economist would.

B. List and explain three (3) non-price determinants of demand that can shift the demand curve.

C. Explain the difference between “a change in demand” and “a change in quantity demanded.” Use of a graph is encouraged but not required.

Answer 1

1. Market Size. If the market is expanding rapidly, customers may be compelled to purchase based on other factors than price, simply because the supply of goods is not keeping up with demand. 2. change in demand means change in demand due to the factors of demand other than price whereas change in quantity demanded means change in the quantity purchased due to channge in the price of a product

Step-by-step explanation:

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