ENT 213 Lecture Notes - Lecture 5: Demand Curve, Substitute Good, Fudge
Document Summary
Holding all outside influences constant to examine the relationship between specific variables. Arrangement that brings buyers and sellers together. Might be a physical place or a group of buyers and sellers spread around the world who never meet (internet, telemarketing, etc) Has many buyers and sellers no individual buy or seller can influence price. The amount of a good, service that people are willing and able to buy during a given time frame. If the price of the good rises, the quantity demanded (qd) decreases. If the price of the good falls, the quantity demanded (qd) increases. Relationship between the qd and price (p) = when all other influences on buying remain the same (ceteris peribus) Shows list of qd at each p when all other influences on buying remain the same. Shows relationship between qd and p when all other influences on buying remain the same. The sum of the demand of all individual buyers in the market.
