Question

1. Define demand. Distinguish between individual demand
and market demand ?
2. Why does demand curve slope downwards from left to right ?
​

Answer 1

1. Demand is defined as the quantity of a specific good or service that consumers are willing and able to buy over a given period of time. However, it is important to distinguish between two different types of demand: individual demand and market demand. Individual demand describes the ability and willingness of a single individual to buy a specific good or service. Meanwhile, market demand is defined as the quantity of a particular good or service that all consumers in a market are willing and able to buy (i.e. the sum of all individual demands for a particular good or service).
2. The demand curve always slopes downwards from left to right. This is due to the fact that demand increases when price falls and decreases when price rises. There are several causes for the downward slope of the demand curve. They are mentioned below:

• New buyers
• Income effect
• Substitution effect.

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Answer 2

Answer:

Explanation:

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