Question

Increase in demand due to change in price is known as ________________
A)Construction in demand
B)Expansion in demand
C)Increase in demand
D)Decrease in demand

Accepted Answer

Expansion in demand refers to the increase in quantity demanded of a good due to a decrease in its price, while keeping other factors constant. This is represented by a movement along the demand curve.

Quiz 3: Banking and Financial Terminology and Cost Analysis

Increase in demand due to change in price is known as ________________