HEYA PUBLIC
Q. DEFINE
@MARKET DEMAND
@LAW OF DEMAND
@MARKET SCHEDULE
Answers
Answer:
Market demand is the sum of the individual demand for a product from buyers in the market. If more buyers enter the market and they have the ability to pay for items on sale, then market demand at each price level will rise.
The law of demand is a fundamental principle of economics which states that at a higher price consumers will demand a lower quantity of a good. ... The shape and magnitude of demand shifts in response to changes in consumer preferences, incomes, or related economic goods, NOT to changes in price
In economics, a market demand schedule is a tabulation of the quantity of a good that all consumers in a market will purchase at a given price. At any given price, the corresponding value on the demand schedule is the sum of all consumers’ quantities demanded at that price.