Consumers facing the situation Between the actual and desired Demand of goods is
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Generally speaking, an equilibrium is defined to be the price-quantity pair where the quantity demanded is equal to the quantity supplied. It is represented by the intersection of the demand and supply curves. The analysis of various equilibria is a fundamental aspect of microeconomics.
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Consumers facing the situation between the actual and desired Demand of good is the law of demand.
Explanation:
- Demand is the desire of the consumer to purchase a good and he is willing to pay a price for the good.
- If there is an ‘increase’ in the process of the goods and services then the demand will decrease and if there is a ‘decrease’ in the price of goods the demand for the goods will increase.
- The actual demand is the exact amount of goods that the company makes that is suitable for meeting the demand of the customer.
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