Covid19 outbreak became a cause of concern when, WHO announced it as a pandemic. Soon, lockdown was seen all over the world. India also declared it's first lockdown in the month of March for 21 days, which was extended later. There were so many changes seen around us, which we never witnessed even at the time of war. As the news of lockdown spread in the country people rushed to markets in order to hoard groceries. Video clips of China were viral where people were fighting in front of grocery stores. Vendors were selling bread, biscuit at inflated price to the common man. The supply chain of goods were broken due to complete lockdown due to which prices rose drastically and the entire economy came to a standstill. |
Which of the following statements indicate a "Shift" in the demand of a commodity?
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1 and 2 2 and 3 1 and 3 1, 2 and 3 |
1 and 3 |
When there is change in the demand of a commodity due to change in factors other than the price is called as "Shift" of demand curve. Second statement indicates that the demand for mangoes changed due to fall in the price of mango itself. Thus, this indicates movement along the demand curve. Apart from this, in first statement demand is affected by price of substitute goods whereas, in the third statement demand is being affected by change in the income of the individual, indicating shift in the demand curve. |