A line on a graph that represents the total quantity of a good or service consumed at each price level within a range of prices. For most normal goods, the quantity demanded decreases as the price increases, producing a downwardly sloping line on the graph.
Change in demand and change in quantity demanded are key concepts in economics. The former involves shifts due to changes in factors like income or consumer preferences, whereas the latter is caused by price changes and results in movement along the demand curve.
A graphical depiction of the demand schedule. It illustrates the relationship between the price of a good or service and the quantity demanded, typically resulting in a downward sloping curve due to higher quantity demanded at lower prices.
The price that consumers are willing to pay in the market for a given quantity of output. It is derived from the demand schedule or demand curve.
A market condition characterized by significant shifts in demand or supply, resulting in market prices that have not adjusted sufficiently to clear the market. Disequilibrium features excess demand or supply and arises from changing factors affecting demand and supply.
A fundamental characteristic of the demand for most goods and services, resulting in lower quantities demanded as the price increases, producing a curve that slopes downward on a graph.
Quantity demanded refers to the specific amount of a particular good that buyers are willing to purchase in the market at a given price level. It is a key concept in economics that helps in understanding the dynamics of supply and demand.
