1.4: Demand Flashcards
1
Q
Demand
A
The different quantities of goods that consumers are willing and able to buy at different prices
2
Q
Law of Demand
A
There is an inverse relationship b/tw price & quantity demanded
3
Q
The Substitution Effect
A
If the price goes up for a product, consumer buy less of that product & more of another substitute product ( vice versa)
