Market: where or when buyers and sellers meet to trade or exchange goods or services.
Demand: the quantitu of a product that consumers are willing and able to purchase at various prices in a given time period
There is an inverse relationship between the price of a product and the quantity demanded - the higher the price, the less will be demanded.
Movement along the demand curve: this is in response to a change in the price of a product.
Consumer surplus: the extra amount that…