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Q & A - Demand
 
 
1.
 
Distinguish between a "change in demand" and "change in quantity demanded" .
 
  Answer
 
 
2.
 
 
 
 
 
 
 
Refer to the following data :
Year
Price of X
Quantity transacted (units)
1992
$10
100000
1993
$8
150000
1994
$6
200000
Does the above information indicate a "change demand" or a "change in quantity demanded" ? Explain your answer.
 
  Answer
 
 
3. State the "Law of Demand" .
 
  Answer
 
 
4.
 
 
It is argued that the Law of Demand does not apply to 'ostentatious goods' because the higher their prices, the greater the quantity demanded. Do you agree? Explain your answer.
 
  Answer
 
 
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