Demand and Supply
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What is the law of demand in economics?
The law of demand states that, all else being equal, as the price of a good or service rises, the quantity demanded falls, and vice versa. This inverse relationship between price and quantity demanded is a fundamental principle in economics.
What is the difference between individual demand and market demand?
Market demand is the sum of all individual demands.
What does the demand curve typically look like on a price-quantity graph?
The demand curve slopes downward from left to right, reflecting the inverse relationship between price and quantity demanded. A higher price corresponds to a lower quantity demanded.
What is the ceteris paribus assumption in demand analysis?
All other factors except price are held constant.
What is meant by 'effective demand' in economics?
Effective demand refers to demand backed by purchasing power, meaning the consumer has both the desire and the ability to pay for the good or service. It is distinct from mere want or need.
What is meant by the term 'quantity supplied' in economics?
Amount of a good producers are willing to sell at a given price.
What is the law of supply?
The law of supply states that, all else being equal, as the price of a good rises, producers are willing to supply more of it, and as price falls, supply decreases. This positive relationship between price and quantity supplied is the foundation of supply theory.
What is a perfectly inelastic demand curve?
A vertical demand curve where quantity does not change with price.
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