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Let's discuss the tutorial Understanding and Applying Supply and Demand in our Lecture this week. What is the difference between a change in demand
Let's discuss the tutorial Understanding and Applying Supply and Demand in our Lecture this week. What is the difference between a change in demand versus a change in quantity demanded? A change in supply versus a change in quantity supplied? Why is it so important to differentiate between these similar-sounding terms?
A change in demand refers very simply to the pattern of demand change. Here it refers to achange in the way people demand for a commodity. A shift from one brand of cosmetics toanother is called...