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#cfa #cfa-level-1 #changes-in-demand-vs-movements-along-the-demand-curve #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
More importantly, the shift in demand was both a vertical shift upward and a horizontal shift to the right. That is to say, for any given quantity, the household is now willing to pay a higher price; and at any given price, the household is now willing to buy a greater quantity. Both interpretations of the shift in demand are valid.
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e is a change in a good’s own-price. A change in the value of any other variable will shift the entire demand curve. The former is referred to as a change in quantity demanded, and the latter is referred to as a change in demand. <span>More importantly, the shift in demand was both a vertical shift upward and a horizontal shift to the right. That is to say, for any given quantity, the household is now willing to pay a higher price; and at any given price, the household is now willing to buy a greater quantity. Both interpretations of the shift in demand are valid. EXAMPLE 2 Representing Consumer Buying Behavior with a Demand Function and Demand Curve An individual consumer’s monthly demand for dow


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