due to high unemployment, people travel less, which affects the markets for things like hotel rooms and gasoline. which economic concept corresponds to this scenario? shift in supply movement up the demand curve movement down the demand curve shift in demand

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24-11-2022
Business

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due to high unemployment, people travel less, which affects the markets for things like hotel rooms and gasoline. which economic concept corresponds to this scenario? shift in supply movement up the demand curve movement down the demand curve shift in demand

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kjuli1766 kjuli1766 · Answer 1 · 2022-12-01T12:26:13+01:00

The economic concept that corresponds to this scenario is a shift in demand.

Demand shifts occur when different economic factors other than price demand different quantities at each price. Demand refers to a consumer's desire and willingness to purchase a product or service at a particular time or over time.

Consumers also need the ability to pay for what they want and need according to their disposable income budget. Demand is therefore the force that influences economic growth and market expansion. All other factors being equal, the change in demand for a commodity due to a change in price is called the change in quantity demanded.

Learn more about The economic concept here:- https://brainly.com/question/27569024

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