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The demand for goods and services
Demand - The quantity of a good or service that consumers are willing to and able to buy at given
prices in a given period of time. For economists, demand is always effective demand.

Market demand - The quantity of a good or service…

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The diagram shows an increase in demand because following a rightward shift in demand, more of
the good is demanded at all prices. For example, at a price of P1, the quantity demanded increases
from Q1 to Q2. Conversely, a leftward shift of demand (known as a decrease in demand)…

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A few goods may have an upward-sloping demand curves. These are Veblen goods, goods for which
price is an indicator of quality, goods in speculative demand and, possibly, Giffen goods. A Giffen
good is a highly inferior good that forms a large part of the total spending of extremely poor…


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