Economics Today: The Macro View (19th Edition) (Pearson Series in Economics)
Economics Today: The Macro View (19th Edition) (Pearson Series in Economics)
19th Edition
ISBN: 9780134478760
Author: Roger LeRoy Miller
Publisher: PEARSON
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Chapter 3, Problem 3.2LO
To determine

Shift or increase/decrease of demand and movement or extension and contraction of demand

Concept introduction:

Change in quantity demanded- It is also known as the Extension/Contraction of demand. A movement along the demand curve or the response of the quantity demanded to the changes in the price implies an extension/contraction of demand.

Change in demand- It is also known as the Increase/Decrease of demand. A change in the demand due to factors other than price called exogenous factors causes the demand curve to shift outward or inward.

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