Source: All graphs by Justin Tapp
Holding all other variables constant.
As the price of one good increases, the demand for an alternative good, meeting similar consumer needs, increases.
A good for which the demand increases as the price of an associated good decreases.
Movements Along Demand Curve
Demonstrated when the price of the product changes and impacts the quantity demanded.
Shift in Demand
A change in something other than price affects purchasing behavior.