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Question
Distinguish between individuals demand and market demand.
Solution
Individual demand: The demand curve represents the maximum quantities per unit of time which consumers will consume at various prices.
Market Demand: Market demand curve is the horizontal summation of the individual demand curves. It indicates various quantities of a good which all consumers in the market are willing to buy at different possible prices of a good at a point of time.
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RELATED QUESTIONS
Explain how do the following influence demand for a good:
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Statements related to decrease in demand
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The shape of supply curve is ______
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