Asksia AI LOGO

Sia

Question
Microeconomics
Posted 6 months ago

Which of the following correctly describes a change in quantity demanded and a change in demand?

Choose 1 answers:

A A change in quantity demanded is a response to a price change and a change in demand is a response to a non-price change

B A change in demand and a change in quantity demanded both happen in response to price changes
c Both describe a movement along a single demand curve
D The two terms can be used interchangeably
E A change in quantity demanded occurs when price increases and a change in demand occur when a price decreases
Sign in to unlock the answer
Answer from Sia
Verified answer
Posted 6 months ago
Solution
a
Change in Quantity Demanded: A change in quantity demanded is a response to a price change. This is represented by a movement along the demand curve
b
Change in Demand: A change in demand is a response to a non-price change, such as changes in consumer preferences, income, or prices of related goods. This is represented by a shift of the demand curve
Answer
A
Key Concept
Change in Quantity Demanded vs. Change in Demand
Explanation
A change in quantity demanded occurs due to a change in the price of the good itself, leading to movement along the demand curve. In contrast, a change in demand is caused by factors other than the price of the good, resulting in a shift of the entire demand curve.

Not the question you are looking for? Ask here!

Enter question by text

Enter question by image

Unlock Smarter Learning with AskSia Super!

Join Super, our all-in-one AI solution that can greatly improve your learning efficiency.

30% higher accuracy than GPT-4o
Entire learning journey support
The most student-friendly features
Study Other Question