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1. What are the determinants of market demand? How do the changes in these determinants make the movement along the demand curve and shift in demand curve?
Answer:
Market demand refers to the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices over a given period of time. It is derived by summing up the individual demands of all consumers in the market for that good or service.
Determinants of Market Demand:
A) Price of the Good:
A key factor; as the price of a good decreases, its demand typically increases, and vice versa.
B) Income of Consumers:
C) Prices of Related Goods
D) Consumer Tastes and Preferences:
E) Consumer Expectations:
Movement Along the Demand Curve vs. Shift in the Demand Curve:
Movement Along the Demand Curve:
Shift in the Demand Curve:
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