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A change in any of the nonprice determinants will cause the entire demand of consumers to change. Graphically this can be shown as a shift of the demand curve to the right or to the left. These shifts in demand must be distinguished from movements along the demand curve caused by changes in price: these changes in price only cause the quantity demanded to change, but the entire demand schedule remains the same.
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The availability of new products can change the tastes of consumers. Not long ago, complex calculation used to be done with slide rules. With the arrival of hand calculators, slide rules no longer satisfied customers. |
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