CA Foundation Exam > CA Foundation Questions > In expansion and contraction of demand ______...
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In expansion and contraction of demand ______
- a)Demand curve remains unchanged
- b)Demand curve changes
- c)Slope of the demand curve changes
- d)Both (a) & (c) above
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
In expansion and contraction of demand ______a)Demand curve remains un...
In the expansion and contraction of demand, the demand curve remains unchanged, but the quantity demanded changes along the same demand curve. This is because the change in quantity demanded is due to a change in the price of the product, while other factors affecting demand remain constant. So, statement 1 (Demand curve remains unchanged) is correct.
The slope of the demand curve also changes when there is an expansion or contraction of demand. This is because the slope represents the responsiveness of quantity demanded to changes in price. When there is an expansion or contraction of demand, the slope will become more or less steep, depending on whether demand is more or less responsive to price changes. So, statement 3 (Slope of the demand curve changes) is correct.
The slope of the demand curve also changes when there is an expansion or contraction of demand. This is because the slope represents the responsiveness of quantity demanded to changes in price. When there is an expansion or contraction of demand, the slope will become more or less steep, depending on whether demand is more or less responsive to price changes. So, statement 3 (Slope of the demand curve changes) is correct.
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In expansion and contraction of demand ______a)Demand curve remains un...
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In expansion and contraction of demand ______a)Demand curve remains un...
As per law of demand, expansion and contraction occurs along the same demand curve, whereas increase or decrease of demand curve causes the demand curve to change.
SO CORRECT ANSWER IS OPTION A
SO CORRECT ANSWER IS OPTION A
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In expansion and contraction of demand ______a)Demand curve remains unchangedb)Demand curve changesc)Slope of the demand curve changesd)Both (a) & (c) aboveCorrect answer is option 'D'. Can you explain this answer?
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