Question

When does 'change in demand' take place?

Solution

Change in demand describes a change or shift in demand due to changes in other determinants of demand in addition to own price of a commodity such as:- Income of consumer, Tastes & Preferences of consumer, Price of substitute goods.

Some More Questions From Theory Of Consumer Behaviour Chapter

What are two approaches to attain the state of consumer's equilibrium?

Define indifference curve.

What is meant by marginal rate of substitution (MRS)?

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Theory Of Consumer Behaviour

When does 'change in demand' take place?

Some More Questions From Theory Of Consumer Behaviour Chapter

What are two approaches to attain the state of consumer's equilibrium?

Define indifference curve.

What is meant by marginal rate of substitution (MRS)?

Why is MRS always diminishing?

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

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