- Demand means effective demand, based on ability as well as willingness to pay.
- Market demand is sum of the individual demand of all the consumers in the market.
- The 'law' of demand states that a good's price falls, more is demanded.
- Market demand (and individual demand) can be represented on a demand curve.
- For most goods, demand curves slope downward.
- If any of the conditions of demand change, the demand curve shifts to…