With the help of a diagram, explain what could cause an increase in demand for a product and consider whether the impact of an increase in demand on the price of the product will be the same in the short run and the long run.

Economics

IGCSE&ALevel

CAIE

Exam No：9708_w23_qp_21 Year：2023 Question No：2(a)

Answer:

2.1.5 causes of a shift in the demand curve (D)

2.1.7 distinction between the shift in the demand or supply curve and the movement along these curves

2.2.1 definition of price elasticity, income elasticity and cross elasticity of demand (PED, YED, XED)

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