Economics Exam > Economics Videos > Microeconomics- Interaction between individual buyer-seller > Law of Demand and Demand Curve
Law of Demand and Demand Curve Video Lecture | Microeconomics- Interaction between individual buyer-seller
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41 videos|12 docs|7 tests
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FAQs on Law of Demand and Demand Curve Video Lecture - Microeconomics- Interaction between individual buyer-seller
| 1. What is the law of demand? |  |
Ans. The law of demand states that, all other factors being equal, as the price of a good or service increases, the quantity demanded for that good or service decreases, and vice versa. In simpler terms, people tend to buy less of a product when its price goes up.
| 2. What is a demand curve? | |
Ans. A demand curve is a graphical representation of the law of demand. It shows the relationship between the price of a product and the quantity demanded by consumers. The curve slopes downward from left to right, indicating that as price increases, quantity demanded decreases, and as price decreases, quantity demanded increases.
| 3. How is the demand curve derived? | |
Ans. The demand curve is derived by plotting the price of a product on the vertical axis and the quantity demanded on the horizontal axis. Data on price and quantity demanded is collected and plotted to create a series of points, which are then connected to form the demand curve.
| 4. What factors can shift the demand curve? | |
Ans. Several factors can shift the demand curve. These include changes in consumer income, prices of related goods, consumer preferences, population size, and advertising and marketing efforts. For example, if consumer income increases, the demand for normal goods may increase, shifting the demand curve to the right.
| 5. How does the law of demand impact businesses? | |
Ans. The law of demand is crucial for businesses as it helps them understand how changes in price can affect consumer behavior and demand for their products. By analyzing the demand curve, businesses can make informed decisions on pricing strategies, production levels, and marketing efforts to maximize their profits. Understanding the law of demand also allows businesses to anticipate and respond to changes in consumer preferences and market conditions.
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Dec 22, 2024 Last updated |
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