BackThe Demand Curve definitions
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1/15BackSkip to main contentBackPerfectly Competitive Market
A setting where many buyers and sellers interact, each unable to influence the price, ensuring uniform prices for goods. Price-Quantity Graph
A visual tool with price on the vertical axis and quantity on the horizontal axis, used to analyze buyer behavior. Buyers
Individuals or groups in a market whose purchasing decisions determine the amount of goods acquired at various prices. Consumers
Market participants whose preferences and budgets drive the demand for goods and services. Quantity Demanded
The specific amount of a product that buyers are willing to acquire at a given price point. Demand Schedule
A table listing pairs of prices and corresponding quantities buyers wish to purchase, forming the basis for plotting demand. Law of Demand
A principle stating that as price increases, the amount buyers want decreases, and as price decreases, the amount increases. Substitution Effect
The tendency for buyers to switch to alternative products when the price of a preferred item rises. Income Effect
The change in purchasing power caused by price shifts, affecting how much buyers can afford. Demand Curve
A downward-sloping line on a graph showing the relationship between price and the amount buyers want at each price. Individual Demand Curve
A graphical representation of a single buyer's willingness to purchase at various prices. Market Demand Curve
A graph formed by summing all individual demand curves, showing total quantity wanted at each price. Market Demand
The aggregate amount of a good desired by all buyers in a market at different price levels. Axes
The labeled lines on a graph, with price typically on the vertical and quantity on the horizontal, essential for plotting demand. Downward Slope
A characteristic of the demand curve indicating that as price falls, the amount buyers want rises.
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