Price Theory Flashcards
1
Q
Define demand
A
What consumers are willing to pay for a good or service
2
Q
Define demand curve
A
A line on a graph that shows the quantity of a good or service that consumers are willing and able to purchase at different prices
3
Q
Define supply
A
The price that producers will supply a good or service for
4
Q
Define supply curve
A
A line on a graph that shows the quantity of a good or service supplied by producers at different prices levels
