In Economics, demand is defined as the quantity of a good or service consumers are willing and able to buy at a range of prices.
Quantity demanded is defined as the quantity of a good or service consumers are willing and able to buy at a price.
Quantity demanded is the amount of a good or service consumers demand at one price, whereas demand encompasses each and every instance of quantity demanded. So, on a demand curve, the curve (line) represents demand, while a point on the line represents the quantity demanded at that price.
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
Social demand is the quantity demanded for a good or service
The theory of demand states that the relation between price and quantity demanded is inversely proportional i.e. if prices go up, quantity demanded falls if prices go down, quantity demanded increases
Decrease in quantity demanded usually results from an increase in price and vice versa. When the price of a product increases, the demand curve itself is not affected. However, the quantity demanded decreases to a higher point along the demand curve.
Equilibrium is defined to the price-quantity pair where the quantity demanded is equal to the quantity supplied, represented by the intersection of the demand and supply curves.
Abnormal demand curve is a curve which slopes downwards from left to right indicating that price and quantity demanded has an inverse relationship and as price falls quantity demanded increase and as price increases quantity demanded decrease, this brings about a shift along the same demand curve
Abnormal demand curve is a curve which slopes downwards from left to right indicating that price and quantity demanded has an inverse relationship and as price falls quantity demanded increase and as price increases quantity demanded decrease, this brings about a shift along the same demand curve
a demand schedule is a table showing the relationship between the price of a good and the quantity demanded , but a demand curve is a graph showing the relationship between the price of a good and the quantity demanded.
According to the law of demand, as the price of a good or service increases (ceteris paribus), the quantity demandeddecreases (and vice versa).
A change in quantity demanded refers to the response of consumers to changes in the PRICES of commodities, ceteris paribus.>> Involves a movement along the demand curve A change in demand refers to an increase or decrease in demand brought about by a change in the conditions of non-price determinants.>> Involves a shift in the demand curve (to the left or right)
The response of the quantity demanded with a change in price.
Elasticity of demand is the responsiveness of quantity demanded of a good or service to changes in the price. Elastic demand means that for a change in price, the change in quantity demanded is more than proportionate. So the cheaper the price gets (say 1 unit), the quantity demanded will increase improportionately (say 2 units).