Scarcity & Tradeoffs
Market Graphs (Supply, Demand, etc.)
Government Intervention in Market
Firm Graphs (Fixed, Variable, Marginal Cost, etc.)

Quantity Demanded vs. Demand

QUANTITY DEMANDED IS NOT THE SAME AS DEMAND.

Quantity Demanded is the amount of a good or service that a consumer is willing to purchase at a given price.

Price is the only thing that can change quantity demanded!

Demand is the entire relationship between quantity demanded and price, represented with the demand curve.

Scenario: Prices of white shoes increase from $100 to $150. Determine the resulting change in quantity demanded.

Answer: Due to the price changing from $100 to $150, the quantity demanded will decrease from 3 to 2.

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