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Demand

Prof. A Sagar Reddy @ RK Business School

1Quantity Demanded _____The amount of a good that buyers are willing and able to purchase
2Law of Demand _____Two goods for which an increase in the price of one leads to a decrease in the demand for the other
3Demand Schedule _____A good for which, other things equal, an increase in income leads to an increase in demand
4Demand Curve _____The claim that, other things bueing equal, the quantity demanded of a good falls when the price of the good rises.
5Normal Good _____A good for which, other things equal, an increase in income leads to decrease in demand
6Inferior Good _____The demand for individual or firm
7Substitutes _____The quantity demanded by all individual consumers is called as
8Complements _____A table that shows the relationship between the price of a good and the quantity demanded
9Individual Demand _____Two goods for which, an increase in the price of one leads to an increase in the demand for the other
10Market Demand _____A graph of the relationship between the price of a good and the quantity demanded

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