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Demand’ Supply and Market Price
Many buyers and sellers’ each of who has no influence on market price
Law of Downward Sloping Demand
Other things equal, the higher is price of a good, the lower is the quantity
Price Quantity Demanded
4 3 Candy Bars
Market Demand Curve: Sum of individual demand curves (at each possible price,
sun the quantities demanded by each individual)
A change in quantity demanded (as the price of the good changes) is a
movement along the demand curve.
A change in demand (for a given price) is a shift in the demand curve Sources
of shifts in demand curves
a. Price of related goods