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| A market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold. |
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| A model of how a competitive market works. |
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| Shows how much of a good or service consumers will be willing and able to buy at different prices. |
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| The actual amount of a good or service consumers are willing and able to buy at some specific price. |
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Definition
| A graphical representation of the demand schedule. It shows the relationship between quantity demanded and price. |
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Definition
| A higher price for a good or service, all other things being equal, leads people to demand a smaller quantity of that good or service. |
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Definition
| A shift of the demand curve, which changes the quantity demanded at any given price. |
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Term
| movement along the demand curve |
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Definition
| A change in the quantity demanded of a good that is the result of a change in that good's price. |
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Definition
| A rise in the price of one of the goods leads to an increase in the demand for the other good. |
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Definition
| A rise in the price of one of the goods leads to a decrease in the demand for the other good. |
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Definition
| When a rise in income increases the demand for a good - the normal case. |
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Definition
| When a rise in income decreases the demand for a good. |
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Definition
| Illustrates the relationship between quantity demanded and price for an individual consumer. |
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