Demand Mr. Nunn. Demand The willingness and ability of buyers to purchase different quantities of a...
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Transcript of Demand Mr. Nunn. Demand The willingness and ability of buyers to purchase different quantities of a...
DemandMr. Nunn
DemandThe willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period.
Law of DemandA law stating that as the
price of a good increases, the quantity demanded of the good decreases, and that as the price of a good decreases, the quantity demanded of the good increases.
Law of Diminishing Marginal Utility
A law stating that as a person consumes additional units of a good, eventually the utility gained from each additional unit of the good decreases.
Quantity DemandThe number of units of a good
purchased at a specific price.
Demand ScheduleThe numerical representation of the
law of demand.
Price Quantity demanded
5 1
4 2
3 3
2 4
1 5
Demand CurveThe
graphical representation of the law of demand.
Market Demand Curve