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Macroeconomics, explain why changes could occur in supply, demand, and price.

Note: A change in demand (or supply) is not the same concept as a change in quantity demanded (or change in quantity supplied).

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The expert explains why changes could occur in supply, demand, and price.

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Reasons for Changes in Demand:

When more people want something, the quantity demanded at all prices will tend to increase. This can be referred to as an increase in demand. The increase in demand could also come from changing tastes, where the same consumers desire more of the same good than they previously did.

Changes in Supply:

When the suppliers' costs change the supply curve will shift. For example, assume that someone invents a better way of growing wheat so that the amount of wheat that can be grown for a given cost will increase. Producers will be willing to supply more wheat at every ...

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