Question

Describe the difference between demand and quantity demand

Answer 1

Demand refers to the willigness and ability of a person to buy a commodity. While quantity demand shows the willingness to purchse a commodity at a given fixed price. The change in price of own good affects quantity demand while change in any other factor apart from price of own good leads to change in demand. Increase in price leads to expansion of demamd along the demand curve while decrease in price leads to contraction of quantity demand along the demand curve. Increase in demand leads to the shift in demand curve rightwards and decrease in demand leads to leftwards shift in demand curve.