ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The market demand curve is the addition of all the individual demand curves in the market. It shows the quantity demanded by the individuals at a given price point. Hence, the market demand curve shows the quantities that consumers as a whole are willing to purchase at different prices.

Detailed explanation-2: -The individual’s demand curve for a good describes the: Quantity of the good demanded by the consumer at each price. Along an individual demand curve, an increase in quantity demanded occurs when: Price has decreased.

Detailed explanation-3: -In economics, “demand” refers to the entire curve that illustrates the relationship between price and quantity. “Quantity demanded” refers to a specific point on that curve, where a certain price is associated with a certain quantity.

Detailed explanation-4: -Demand schedule and demand curve A demand schedule is a table that shows the quantity demanded at each price. A demand curve is a graph that shows the quantity demanded at each price. Sometimes the demand curve is also called a demand schedule because it is a graphical representation of the demand scheduls.

Detailed explanation-5: -Individual Demand Curve: the relationship between the quantity of a product a single consumer is willing to buy and its price. Market Demand Curve: the relationship between the quantity of a product that all consumers in the market are willing to buy and its price.