A market demand curve shows the quantities demanded by all consumers, and an individual demand curve shows the quantities demanded by one consumer.
A market demand curve is based on a market demand schedule whereas an individual demand curve is based on the demand schedules of selected customers.
A market demand curve tracks many products, but an individual demand curve tracks only one product
A market demand curve gives data for all the stores in a region, but an individual demand curve gives data for only one store.
Producers demand the highest possible price for their product and consumers demand the lowest possible price.
Producers provide only the goods and services for which there is a real consumer demand.
Only consumers who are willing and able to pay have an actual demand for a product.
When prices go down, quantity demanded increases; when prices go up, quantity demanded decreases.
How many units of a product individual customers buy on a regular basis.
How much of a good or service all consumers are willing and able to buy at each price.
The cost of products and the number of units sold.
It shows how to calculate the best price to charge for a product.
You are calculating how much a week-long backpacking trip would cost.
You have saved $150.00 and want to buy new shoes and accessories for the prom.
You have money for a birthday gift for a friend but can't decide what to buy.
You need a white shirt for work but only have $5.00 on hand.
The increased benefit consumers get from using different brands of the same product rather than being loyal to one
The reduced satisfaction consumers get from using a second or third unit of a product
A switch to more expensive, higher quality products when income increases
A change in the amount of a product consumers buy because they buy other similar goods
A change in the amount of a product consumers will buy because of a change in price.
A shift in the demand curve vertically or horizontally.
A change in market situations that leads to a change in availability.
A change in how much individuals will buy when the price remains the same.
Market size, consumer tastes, and advertising.
Consumer expectations, marginal utility, and substitutes.
Income, consumer tastes, and complements.
Income, substitutes, and advertising.
The market size increases.
The demand for quality products decreases.
Consumers tend to buy more discounted and generic products.
Consumers usually demand more normal goods.
Influence whether a product becomes popular or not.
Influences consumers to buy substitute products.
Determine whether consumers buy products now or later.
Affect the demand for the product's complements.
The price rises compared to the price of substitutes.
The quantity demanded changes little as the price changes.
The product is price sensitive.
A change in price leads to a large change in the quantity demanded.
Produces a demand curve with a steeper slope.
Makes a product unit elastic.
Makes the demand for a product more elastic.
Leads more consumers to purchase a product.
Fall if the cost consumes a large proportion of your income.
Be inelastic if the cost consumes a large proportion of your income.
Increase if the product is inexpensive.
Increase if your income also increases.
Varies according to price.
Remains the same no matter what the price.
Tends to be inelastic.
Is not affected by available substitutes.
Compiling a seller's market demand schedule.
Plotting shifts in demand.
Calculating diminishing marginal utility.
Calculating a seller's total revenue.