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Demand
o quantity demanded: The amount (number of units) of a product that a household would buy in a given period if it could buy all it wanted at the current market price.
Demand
• quantity demanded: The amount (number of units) of a
product that a household would buy in a given period if it
could buy all it wanted at the current market price.
• It is important to focus on the price change alone with the
ceteris paribus, or “all else equal,” assumption.
Wa of demand : The negative relationship between price
and quantity demanded: Ceteris paribus, as price rises, quantity demanded decreases; as price falls, quantity demanded increases during a given period of time, all other things remaining constant.
• It is reasonable to expect quantity demanded to fall when
price rises, ceteris paribus, and to expect quantity demanded to rise when price falls, ceteris paribus.
• A demand curve has a negative slope.
A demand curve : shows the relationship between the quantity demanded of a good and its price when all other influences on consumers’ planned purchases remain the same
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