Chapter 4 - Chapter 4 The Market Forces of Supply and...

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Chapter 4 The Market Forces of Supply and Demand
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Markets and Competition Buyers determine demand Sellers determine supply A competitive market is a market in which there are many buyers and sellers so that each has a negligible impact on the market price.
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Markets and Competition Competition: Perfect and Otherwise Perfect Competition Products are the same Numerous buyers and sellers so that each has no influence over price Buyers and Sellers are price takers Monopoly One seller, and seller controls price
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Demand Quantity demanded is the amount of a good that buyers are willing and able to purchase. Law of Demand The law of demand states that, other things equal, the quantity demanded of a good falls when the price of the good rises.
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Demand Demand Schedule A table that shows the relationship between the price of the good and the quantity demanded Demand Curve A graph of the Relationship between Price and Quantity Demanded
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Demand Catherine’s Demand Schedule
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Market Demand v.s. Individual Demand
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