Question
a)Distinguish between a Change in Quantity Demanded and a Change in Demand. Please use written words and diagrams in your answer. (b)
a)Distinguish between a "Change in Quantity Demanded" and a "Change in Demand."Please use written words and diagrams in your answer.
(b) Indicate whether each of the following involves a change in quantity demanded or a change in demand.Please explain your answer...
(i) Consumers wait to buy a new car because they believe the price will be lower a year from now (all else equal)
(ii) Andrea switches from buying Tim Horton's coffee to McDonald's coffee because she prefers the taste (all else equal)
(iii) Consumers buy more gasoline as the price of gasoline falls (all else equal)
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