ECO105Y1 Chapter Notes - Chapter 2: Marginal Utility, European Cooperation In Science And Technology, Ceteris Paribus
Document Summary
Demand: consumers" willingness and ability to pay for a particular product or service. What you are willing to pay or give up depends on cost and. Willingness to pay depends on marginal benefit, not total benefit. Quantity demanded: the amount you actually plan to buy at a given price. Market demand: the sum of demands of all individuals willing and able to buy a particular product or service. Law of demand: if the price of a product or service rises, qd decreases, ceteris paribus. Demand curve: shows relationship between price and qd.
