Demand
Demand of a commodity is the quantity that consumers are willing and able to purchase at a given price at a certain point in time holding all other variables constant (Marshall, 2013). Increase in price leads to decrease in demand and decrease in price leads to increase in demand. For example, when the price of gas goes up, consumers of gas may decide to shift to other forms of energy or use other means of transport. A change in price leads to movement along the demand curve while a change in other factors like income, close substitutes, price of Continue reading...
