Demand: a list of prices and the quantities that would be purchased at those prices, holding all other things constant.

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Presentation transcript:

demand: a list of prices and the quantities that would be purchased at those prices, holding all other things constant.

The demand is the entire curve.

Quantity Demanded quantity demanded: the quantity bought at a particular price. It is a point on the demand curve.

Equations Equation of demand: q=f(p) Inverse demand: p=f(q)

a greater quantity demanded as a substitute for other goods. law of demand A higher price never causes a greater quantity demanded as a substitute for other goods.

the quantities that would be sold or rented at those prices, Supply a list of prices and the quantities that would be sold or rented at those prices, holding all else constant.

quantity supplied the quantity sold or rented out at a particular price. It is a point on the supply curve.