Course review
Review each learning objective in this topic, then open its concept explanation or question set.
Learning objective
• Demand shows the relationship between price and quantity demanded • Quantity demanded usually falls as price rises, ceteris paribus
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Learning objective
• Income and substitution effects help explain the law of demand • The law of diminishing marginal utility helps explain why consumers demand less at higher prices
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Learning objective
• Demand can be represented by a downward-sloping demand curve • Diagram: downward-sloping demand curve
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Learning objective
• Market demand is derived from individual consumers' demand • Demand analysis distinguishes individual behaviour from total market behaviour
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Learning objective
• Demand shifts with income, tastes and preferences, future price expectations, and number of consumers • Demand also shifts with prices of related goods, including substitutes and complements
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Learning objective
• A price change causes movement along a demand curve • Non-price determinants shift the demand curve • Diagram: movements along and shifts of the demand curve
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