Asked Feb 2, 2020

For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand.

  • a change in consumer expectations
  • a change in income

Expert Answer

Step 1

There is a change in the quantity demanded when the price of the product chanegs whereas there is a change in demand when there is a change in any factor other than the price of the product.

Step 2

When there is a change in consumer expectations about a change in price of a product then the quantity demanded of the good will change. ...

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