How markets work - The market forces of supply and demand - Demand
7 important questions on How markets work - The market forces of supply and demand - Demand
What is the differency between "quantity demanded" and "demand"?
Demand: is the relationship between price, and quantity demanded.
What is the relationship between price and quantity demanded, a.k.a. the law of demand?
- When the price of a good rises, its' quantity demanded falls.
- When the price of a good falls, its' quantity demanded rises.
What is the demand curve and why does it slope downward?
- Slopes downward because a lower price, means a greater quantity demanded (law of demand).
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What is the difference between individual demand and market demand?
Individual demand = the quantity demanded of a single person.
Market demand = the sum of all the individual demands for a particular good/service. Market demand = The total quantity demanded at each price for a certain good.
What happens in the demand table when the price of the good changes?
When is a good considered an "inferior good"? (other things being equal)
When an increase in income leads to a decrease in demand, and a decrease in income leads to an increase in demand.
The demand curve shifts to the right when price falls.
What are complementary goods? (complements)
Two goods for which an increase in the price of one leads to a decrease in the demand for the other.
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