The quantity demanded of any good is the amount of the goods that buyers are willing and able to purchase. Example - If the price of ice cream rose to $10 per scoop, you would buy less ice cream.If the price of ice cream fell to $0.10 per scoop, you would buy more. This relationship between price and quantity demanded is true for most goods in the economy and infact it is called LAW OF DEMAND Or when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises. The downward sloping line relating price and quantity demanded is called the Demand Curve.
QUANTITY DEMANDED - The amount of a good that buyers are willing and able to purchase.
LAW OF DEMAND - The claim that, other things equal, the quantity demanded of a good falls when the price of the good rises.
DEMAND SCHEDULE - A table that shows the relationship between the price of a good and the quantity demanded.
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