Practicing Success
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 is a factor that causes movement along the demand curve? |
Income of the consumer Price of the related goods Tastes and preferences of the good Price of the good |
Price of the good |
Movement along the demand curve is seen due to change is own price of the commodity. Any change in the demand of the commodity due to factors other than the price is denoted as "Shift in the demand curve". |