Individual and Market Demand
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Curve tracing the utility-maximizing combinations of two goods as the price of one changes.
Individual demand curve
An inferior Good
Two goods are substitutes if an increase in the price of one leads to an increase in the quantity demanded of the other.
Two goods are complements if an increase in the price of one good leads to a decrease in the quantity demanded of the other.
Two goods independent if a change in the price of one
good has no effect on the quantity demanded of the other.
effects of a fall in price
1. Consumers will tend to buy more of the good that has
become cheaper and less of those goods that are now
relatively more expensive.
2. Because one of the goods is now cheaper, consumers
enjoy an increase in real purchasing power.
Change in consumption of a good associated with a change in its price, with
the level of utility held constant.
Change in consumption of a good resulting from an increase in purchasing
power, with relative prices held constant.
Schweizerischer Verband der Lehrkräfte für Wirtschaft und Recht
Effizient, sicher und individuell zum Bildungsziel
Institut für Banking und Finance
Lehrmittel für die KV-Berufsbildung