This resource explains the concept of demand in economics and how consumer behaviour changes as prices change. It introduces the law of demand, showing that as price rises quantity demanded falls, and as price falls quantity demanded rises, assuming ceteris paribus. It also covers the income effect, substitution effect, and the law of diminishing marginal utility, using a downward-sloping demand curve to visually show the relationship between price and quantity demanded over time.
Something went wrong, please try again later.
This resource hasn't been reviewed yet
To ensure quality for our reviews, only customers who have downloaded this resource can review it
Report this resourceto let us know if it violates our terms and conditions.
Our customer service team will review your report and will be in touch.
$0.00