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CHANGE IN DEMAND: A shift of the demand curve caused by a change in one of the demand determinants. In essence, a change in demand is caused by any factor affecting demand EXCEPT price. This concept should be contrasted directly with a change in quantity demanded. You should also review the terms change in quantity supplied and change in supply, too. A change in demand is a change in ALL demand price-quantity demanded pairs, meaning that each price is matched up with a different quantity (which is illustrated as a shift of the demand curve). And this change in demand is caused by a change in any of the demand determinants. In contrast, a change in quantity demanded is a change from one price-quantity pair to the another (which is illustrated as a movement along a given demand curve).
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for a thesaurus filled with typos.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." -- William Ward ‚ Texas Wesleyan University Administrator
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SSRN
Social Science Research Network
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