A2.01.04: Changes in Demand Flashcards
1
Q
What is it called when demand moves down the demand curve
A
- An expansion in demand
2
Q
What is it called when demand moves up the demand curve
A
- A contraction in demand
3
Q
What does a rightwards shift in the demand curve mean?
A
Demand increases at each and every price level
4
Q
What causes the demand curve to shift or move along
A
- Shift: Non-price Factors
- Move along: Price Factors
