demand test Flashcards
1
Q
what is the definition of demand
A
the quantity of good or survives that consumers are both willing and able to buy at any given range of prices or a period of time
2
Q
a demand schedule
A
A table that sets out the quantity of a good or services that a consumer is willing and able to but at a rang of prices within a given time frame.
3
Q
what is the law of demand
A
states that an increase in the price of a good or services will result in a decrease in the quants demand or vice versa assuming ceteris paribus
