Microeconomics,, 16th Canadian Edition

(rishikesh) #1

price of a product, other things being equal.


demand curve
The graphical representation of the relationship between quantity
demanded and the price of a product, other things being equal.


demand
The entire relationship between the quantity of a product that buyers
want to purchase and the price of that product, other things being equal.


substitutes in consumption
Goods that can be used in place of another good to satisfy similar needs
or desires.


complements in consumption
Goods that tend to be consumed together.


change in demand
A change in the quantity demanded at each possible price of the product,
represented by a shift in the whole demand curve.


change in quantity demanded
A change in the specific quantity of the good demanded, represented by a
change from one point on a demand curve to another point, either on the
original demand curve or on a new one.


quantity supplied

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