movements vs shiftsin demand
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11 Terms
What causes a movement in demand?
A change in price.
What is an extension in demand?
A fall in price causing quantity demanded to rise.
What is a contraction in demand?
A rise in price causing quantity demanded to fall.
What causes a shift in demand?
A change in conditions of demand other than price.
What is a right shift in demand?
Demand increases at every price level.
What is a left shift in demand?
Demand decreases at every price level
Give an example of something causing a right shift in demand.
Increase in income.
Give an example of something causing a left shift in demand.
Fall in price of substitute goods.
During a demand shift, does price necessarily change?
No, the demand curve shifts while price can remain the same.
What happens to quantity demanded during a right shift?
Quantity demanded increases.
What happens to quantity demanded during a left shift?
Quantity demanded decreases.