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Demand (Definitions (Law of Demand (There is a negative causal…
Demand
Definitions
Law of Demand
There is a negative causal relationship between the price and quantity of a good demanded; the higher the price the lower the quantity demanded is. The demand curve is DOWNWARD SLOPING
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Competitive Market
A market where the price of a g, fop or s is determined through the interactions of many small buyers and sellers - no one can influence the price
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Market Demand
The demand of all the buyers in a market, found by adding up all the individual demands for each price.
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Downward sloping?
Consumers derive benefits from buying/consuming g's or s's. The ADDITIONAL BENEFITS derived from the consumption of one more unit are called MARGINAL BENEFITS.
As we buy more and more units, the marginal benefits decrease.