Economics · Theory of Demand
Which of the following scenario is an example of a 'movement along the demand curve' rather than a 'shift factor' in the price-demand relationship?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Drop in demand for cars due to a substantial increase in petrol prices.
- 2Increase in demand for tea because of a significant price hike in coffee.
- 3Increase in demand for luxury cars after a consumer wins a large lottery prize.
- 4Decrease in quantity demanded for a mobile phone solely due to an increase in its own price from Rs. 7000 to Rs. 7500.✓
Correct answer
Decrease in quantity demanded for a mobile phone solely due to an increase in its own price from Rs. 7000 to Rs. 7500.
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