Conditions of demand
While a movement in demand is caused by price changes only , a change in all the other non price factors like too many consumers in a market can make most of them buy the seller' products , this will cause a shift in demand. Shift in demand is a representation of change in the quantity of an item due to economic reasons. An increase in demand increases the quantity demanded of the good. A rightward shift in demand is when the demand increases while leftward demand means a decrease in demand. As i told about rightward shift in 2017 BMW had more profit than expected in Europe , US and Asia , it had a demand in any price level
Rightward shift curve
When the demand was very low at d1 they had the same price with lower quantity supply at q1 but when they had a ok supply at d2 they had a supply of d2 and how when there demand increases to d3 there production and quantity demand increases to q3 with the same price of low demand
Activity
In 2023 there was a increase in the price , production and demand of apple phone , this demand curve i drew explains it.
It happened when apple launched its new product , the hype grew so much because have a product of apple represents yourself professional
Questions
What is the law of demand ?
The law of demand is the inverse relationship between the price of good or service and the quantity demanded of the product
What does a rightward shift of a demand curve show for a good or service show ?
It shows the higher level of demand in all given prices
What is meant by demand ?
Demand is the quantity of good or service the consumers are willing and want to purchase in the given amount
What is the law of demand ?
The law of demand represents that when price increases the quantity of the good decreases but when the price of the good or service decreases the quantity of the good or service increases